With regard to its burn rate measure, Shiba Inu (SHIB) is gaining traction after seeing its lowest daily decline in weeks. 12,143,493 SHIB in total have been delivered to dead wallets in the last 24 hours, according to data from Shibburn. This is a 105% increase over the previous level. Shiba Inu is reclaiming its position as a deflationary protocol with this leap.
More than one million SHIB were sent to dead wallets by at least three different wallets, according to the Shibburn statistic, which ranges from 1,406,204 to 4,747,015.
However, Shiba Inu’s price does not reflect this recent spike in burn rate; at $0.000007676, the token is now down 3.67%. The 40% increase in trading volume to $161,683,039 indicates that there is persistent purchasing demand even if the price is going against the positive burn rate.
Given the conflicting performance indicators, there may be short-term effects that contribute to an overall price rebound.
Place of Shibarium
It is hard to discuss Shiba Inu’s performance in the modern day without bringing up Shibarium, its Layer-2 scaling solution. Shibarium is another way to burn SHIB, and as decentralised apps and NFT markets proliferate, so does the need for SHIB, which is propelling SHIB’s widespread acceptance.
With 21.39K transactions per day, Shibarium is a high-volume added utility that has the potential to influence not only the price of its native token, BONE, but also that of SHIB and other assets in the ecosystem.
Shiba Inu is a token with a variety of uses, and the recent increase in burn rate might pave the way for a positive November.
