The Shiba Inu (SHIB) ecosystem is suffering from the unstable nature of the digital currency ecosystem as a price decrease has shaken majority of the tokens connected to the meme coin. However, there is one factor that has maintained its positive momentum: the SHIB token burn rate, which has increased by around 80% over the previous 24 hours, according to statistics from Shibburn.com.
According to the most recent data, a total of 85,194,367 SHIB tokens have been destroyed and sent to dead wallets in an effort to strengthen the meme coin’s deflationary hold. The fact that a prominent address has been very dedicated to the burn-off over the past 24 hours as token tranches are flared is a fascinating aspect of this token-burning event.
In addition to this closely watched deflationary indicator, the price of Shiba Inu has fallen as much as 3.06% in the previous day to $0.000008071 due to negative pressure. Earlier, as word of the upcoming relaunch of the Shibarium Layer 2 protocol spread around the community, the meme coin was on the road to recovery.
There is a growing anticipation that the price of the currency would see a bullish turnaround in the near future due to the burn rate, which is presently resolute and lowering the number of SHIB tokens in circulation.
Everything depends on Shibarium
Shiba Inu’s growth prospects are now closely correlated with Shibarium’s performance, whose future is currently quite questionable. The second attempt made by the protocol after its original unsuccessful launch may be its making-or-breaking moment since the core team, lead by Shytoshi Kusama, is taking its time to thoroughly test the Shibarium blockchain before it is reintroduced on the mainnet.
Shibarium probably has something to do with Shiba Inu’s long-term success, and hopes for the near future are still quite high.
