Shiba Inu, the popular cryptocurrency, has experienced a massive surge in its daily SHIB burn rate, skyrocketing by 243%. Despite this impressive increase, the price of SHIB has remained relatively stagnant, showing minimal movement and staying within a narrow range over the past two days.
According to Shibburn X handle, a total of 20,198,590 SHIB tokens were burned in the last 24 hours, marking a significant 243.67% increase in the burn rate.
Despite the substantial increase in the burn rate, the price of SHIB has not seen much movement. Over the past two days, its price has remained steady, fluctuating within a tight range of $0.0000166 and $0.0000172.
There could be several factors contributing to SHIB’s price stagnation despite the increased burn rate. Market sentiment plays a crucial role in influencing individual token prices, which can be either positive, negative, or neutral. The lack of price movement suggests that other market forces are overshadowing the impact of the increased burn rate.
The cryptocurrency market as a whole, led by Bitcoin, has experienced dull price action over the weekend, with the proportion of Bitcoin traded reaching an all-time low for the year at 16%. This lackluster market activity has also affected Shiba Inu and its price.
To reassure the SHIB community, a member of the Shiba Inu team named Lucie has delivered an encouraging message, stating, “We aren’t stopping on SHIB, BONE, LEASH, SHEB.” This statement emphasizes the team’s dedication to the growth and development of these key tokens within the Shiba Inu ecosystem.
As the Shiba Inu community continues to support and rally behind SHIB, BONE, LEASH, and the newly introduced SHEB, the market eagerly awaits to see how these tokens will evolve in the upcoming days.
As of now, SHIB’s price has decreased by 0.27% in the last 24 hours, settling at $0.00001699.
In conclusion, despite the significant increase in the burn rate, the price of SHIB has not shown much movement. Various market forces and sentiments may be at play, overshadowing the impact of the increased burn rate. However, the Shiba Inu team remains committed to the growth and development of their tokens, providing reassurance to the community.