2024-5-20 11:56 |
The burn rate of Shiba Inu (SHIB) has skyrocketed by over 500% today, according to data from Shibburn.
This significant increase in the burn rate has generated optimism among traders and investors about potential positive price movements for the meme coin, often dubbed the “Dogecoin killer.”
Massive token burn despite trading slumpDespite the impressive burn rate hike, SHIB traded in the red, indicating that the immediate price reaction has not yet mirrored the positive sentiment.
The token saw a substantial decline in its supply with the burning of 9.83 million tokens, primarily from two specific addresses.
This significant reduction in the circulating supply is expected to enhance the tokenomics of SHIB, creating a potential for a price rally in the near future.
Investor optimism over improved tokenomicsThe drastic decrease in SHIB’s supply due to the high burn rate has strengthened market optimism.
The principle behind token burning is to decrease the number of tokens in circulation, which can lead to an increase in value per token if demand remains constant or increases.
Traders and investors are hopeful that the improved tokenomics will lead to a surge in SHIB’s price.
Looking ahead: potential price movementsWhile SHIB’s current trading performance is lackluster, the long-term outlook may be more promising.
The market is closely watching how the reduced supply might influence future price movements. With a continued focus on token burning and potential positive sentiment from the crypto community, SHIB could see a price rally, positioning itself more strongly in the highly competitive meme coin market.
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