shiba inu Cremation Rate Increases Almost 1000% as SHIB Price Struggles to Recover
TL;DR
- The Shiba Inu’s burn rate has increased significantly, contributing to a decrease in circulating supply.
- The price of the Shiba Inu has trended upwards recently, with an increase of 5%. Some analysts predict further value gains.
- The general positive mood in the cryptocurrency market and the development of Shibarium may have contributed to the recent price rise of the Shiba Inu.
Shiba Inu burn rate according to the latest data Exploded There has been an increase of over 900% in the last 24 hours, resulting in the destruction of more than 33 million SHIBs.
Like CryptoPotato reportedMeme coin witnessed the burning of more than 76 billion tokens throughout 2023, with December being the record month.
The mechanism aims to reduce the massive supply of SHIB in circulation and make it scarcer and more valuable over time. The increase in the latest burn rate corresponds to a 5% increase in the asset on a 24-hour basis.
SHIB Price, Source: CoinGecko
Some analysts, including X (Twitter) user The Coach, to believe “Most likely to increase” for SHIB. He did not rule out the possibility of a price drop in the short term, but said it could be a good opportunity to “buy the dip.”
Market Resurrection and Shibarium
Another factor that may have influenced Shiba Inu’s recent price rise is the general upward trend of the cryptocurrency market. Bitcoin (BTC) in short exceeded Seeing the $47,000 level for the first time since the spring of 2022, many experts are predicting astronomical highs if a spot BTC ETF comes to light in America in the near future.
The further development of the Layer-2 blockchain solution Shibarium should also be mentioned. The network, which aims to elevate Shiba Inu above its competitors in the memecoin space by lowering transaction fees and increasing speed, has surpassed numerous milestones over the past few months.
Total transactions on Shibarium recently exceeded 250 million, and wallet addresses are approaching 1.5 million. Those who want to learn more about the L2 solution and its main purposes can check out our video below:
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