Shib Burn Rate Jumps Nearly 500% in the last 24 hours
April 13, 2023
Shiba Inu seems to be on a ‘burning’ spree as the burn rate spiked to nearly 500% in the last 24 hours.
The network has recently experienced a significant increase in the number of destroyed coins, with around 4.8 million tokens being removed from circulation.
Burning at such an extensive rate is not something cmmon for the Shiba Inu ecosystem, as the typical number of burned SHIB tokens usually falls below 100 million.
Token burning refers to the process of permanently 'destroying' a certain number of tokens to affect the supply which in turn affects the price trajectory.
However, it is worth noting that despite the burning, the price performance of Shiba Inu has been affected minimally (24hr 1.39% ▲ )
Before burning your tokens, it is essential to remember that token burning is one of the many ways to influence market value and doesn't guarantee significant results.
Possible factors resulting in the lack of price movement can be the broader market sentiment, drastic fluctuations in other major currencies, and more.