The Shiba Inu (SHIB) meme coin ecosystem is starting the week with renewed confidence for bulls since one of the protocol’s major growth indicators is on a positive track right now. According to statistics presented by Shibburn, the burn rate of the meme coin has increased significantly over the last seven days, amounting to an overnight burning of exactly 181,859,002 tokens.
The Shiba Inu burn rate is indicative of several things, all of which lead toward optimism for the digital currency. First, the burn rate highlights the token’s tenacious efforts to lower its enormous circulating supply. The value of the token as a whole is raised by this decrease.
The SHIB burn rate also shows that the SHIB is being actively used for the rapidly expanding number of transactions or utilities that are emerging inside the Shiba Inu ecosystem. As intended, when there is active usage, the tokens are cast into the fire, releasing a portion of the burning fees.
SHIB burn rate impact on price
The most recent increase offers Shiba Inu yet another chance to pick up the speed it has lost after suffering for the majority of this month with its price growth.
Shiba Inu is currently trading at $0.000007368, down about 0.89% from its previous price. Although this reflects the overall attitude in the crypto industry as a whole, the burn rate is anticipated to cause a resurrection that will assist boost the price in the coming hours.
The majority of the records for SHIB burn rates have been followed by a significant price increase, setting the norm in this respect. Overall, rekindled interest in the protocol’s deflationary state and the benefits Shibarium offers are sufficient to steer it in a favourable path this week.
