Despite the lacklustre weekend trading session, a noticeable rise in the number of burnt tokens was seen on the Shiba Inu network. The outstanding 150% burn rate of SHIB has increased by a factor of two.
Token burning is the deliberate withdrawal of tokens from circulation, which has the effect of lowering the total supply. The weekend spike in the burn rate for Shiba Inu might perhaps lead to favourable market dynamics for the token. If demand is stable or rises, a smaller supply can lead to an increase in price for each token that remains.
Nevertheless, the Shiba Inu token is now going through a difficult market phase despite this encouraging uptick in the burn rate. Over 90 billion Shiba Inu tokens were sold off as a result of the most recent Poly Network attack, placing heavy selling pressure on the market. Nevertheless, despite this setback, the token has been resilient, as seen by the persistence with which its price has remained constant at $0.0000075.
This price stability, despite the increasing selling pressure, is a sign of the Shiba Inu breed’s strong market liquidity. This demonstration of resiliency along with the increasing burn rate may pave the way for a large price hike in the near term. Tracking wallets linked to the exploiter and attentively monitoring the results of the most recent attack are both crucial.
Always proceed with caution while dealing with cryptocurrency. The market is infamously unpredictable and subject to a variety of influences. Investors must to keep up with the market and only make investments they can afford to lose.
