The Shiba Inu community is blazing with excitement as the network observes its very own “Festival of Fire.” Over 200 million Shiba Inu tokens have been burnt during this event, which has resulted in a considerable increase in network activity. Such a large-scale token burn has genuine effects on the token’s value and scarcity; it is not merely symbolic.
After this burn, the market price of the Shiba Inu token rose quickly, rising by more than 35% since the start of its local recovery. This upward trend is evidence of the old school meme coin market’s revival and is not just a coincidental event.
In terms of pricing performance, Shiba Inu has seen a roller coaster during the previous month. The token began trading at a modest $0.0000075 on July 1, 2023. But as the month went on, particularly following the Festival of Fire, the token steadily increased, reaching a high of $0.00001 on August 11, 2023. This indicates a considerable increase and demonstrates the favourable market perception of Shiba Inus.
Shiba Inu, however, was not impervious to market corrections like all cryptocurrencies. After peaking, there was a brief decline, and on August 13, 2023, the token was selling at $0.00001. Although this may seem like a little correction, it is important to realise that such variations are common in the world of cryptocurrencies, especially following a major price increase.
The token burn that followed the Festival of Fire unquestionably contributed significantly to the current price performance of Shiba Inu. Such occurrences increase buzz and enthusiasm in the community, encouraging more adoption and investment. They also decrease the token’s supply, making it rarer and potentially more expensive.
