B4Bit
06/26 12:46
SHIB Burn Rate Crashes 99%—Is Shiba Inu About to A
SHIB Burn Rate Crashes 99%—Is Shiba Inu About to Add Another Zero?
Shiba Inu has entered a critical phase after its burn rate dropped sharply by over 99 percent in just 24 hours. Investors are growing increasingly concerned that the meme coin may lose further value and possibly add another zero to its price.
According to the information provided by Shibburn, 101,213 SHIB tokens were incinerated in the recent period, indicating a sharp decrease in the number of people engaged in the deflationary mechanism. This decline is a 99.32 percent decline in the number of tokens taken out of the market and crippling one of the major value-preserving aspects of the coin.
Shiba Inu has a total supply of 589.25 trillion tokens, yet there is still 584.53 trillion of the coin in circulation. The remaining amount, which consists of 4.71 trillion tokens, is staked in the ecosystem. Significant reduction in burns has led to speculations that the project has already lost momentum in experimenting with one of its key methods of increasing the price.
SHIB also recovered its price, albeit in a minor correction, in spite of the burn activity dying off. It increased by a substantial margin as it moved up from a 24-hour low of $0.00001151 to a high leading to $0.00001178. But as of press time, it has slightly shifted to 0.00001166 due to the continuing fluctuations in the market.
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