Prominent SHIB burner explains what two factors are important for driving price of Shiba Inu up
In a recent tweet, the Shiburn handle talks about the drivers that drive up the price of any crypto, and most importantly, the Shiba Inu in this context.
“This is what drives the price up”
@Shibburn has explained why burning SHIB, even only a small amount, is important. According to him, this is related to the well-known formula “supply+ demand.” Burning, the tweet says, is the same as someone buying $100 in SHIB and then keeping it forever.
Meanwhile, Shiburn summarized in one of his recent tweets that, in the last 24 hours, the community has raised a total of 20,999,999 meme tokens For non-spending wallets.
Compared to Monday, there has been a slight decline in the burned amount; 23,823,149 SHIB were removed from circulation during the same period between Sunday and Monday.
If the burn rate of SHIB increased by 1,064% on that day, it has now decreased by 11.85% according to the Shiburn website.
Here’s what’s going to reduce SHIB supply significantly
Shibburn also stated that there are several SHIB-related projects that will be integrated in the future — Shibarium Layer 2 protocol being one of them. These projects, according to the burner, are going to substantially reduce the circulating Shiba Inu supply.
Shibburn itself takes an active part in sending SHIB tokens to dead wallets using three projects – Shibburn Platform itself, Shibburn Radio and Twitter Super Follow.
