As a crypto investor with experience in the meme coin market, I’m keeping a close eye on Shiba Inu (SHIB) and its recent shift in growth strategies. The consistent increase in the deflationary metric, or burn rate, is an encouraging sign for me, despite the current bearish trend in the market.
Shiba Inu (SHIB) adjusts its growth tactics in response to market instability and price dips. Notably, there’s been a significant surge in the deflationary measure known as burn rate for Shiba Inu. At present, the burn rate has increased by an impressive 867.78%, with a total of 12,688,018 SHIB tokens sent to inactive wallets.
Through monetary evaluation, the $12 million worth of SHIB tokens burned may appear insignificant. Nevertheless, it signifies a significant narrative in the meme coin sector, emphasizing consistency. Consistency is considered crucial in the pursuit of the community’s objectives to decrease the circulation of their digital currency.
The recently burned SHIB tokens from the latest batch have caused a decrease in the total Shiba Inu tokens eliminated so far to 12,688,018. Meanwhile, the Shiba Inu coins still circulating amount to approximately 583,076,408,841,878, demonstrating a consistent expansion of deflation.
The charred Shiba Inu token carries significant consequences for the meme currency, eventually leading to its price increase. However, at present, Shiba Inu is exhibiting a bearish trend, experiencing a 6.57% decrease in value within the last 24 hours to $0.0000238. This downturn contradicts the inflow of net funds despite disrupting Shiba Inu’s progression toward the $0.00003 mark. The broader market pessimism is contributing to this negative price trend.
Market analysts are eagerly anticipating the peak of the current burn rate and its potential impact on the token’s price trend. It’s important to mention that ShibaSwap’s emergence is likely to spark a surge in transactions and an uptick in tokens being transferred to the burn address.
As a dedicated Shiba Inu investor, I’m confident in expressing that our community remains optimistic about Shiba Inu reaching the value of 1 cent. We firmly believe that upcoming developments such as Shibarium, staking opportunities, and the forthcoming burn portal will significantly contribute to achieving this significant milestone.
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2024-05-24 12:22