Shiba Inu Increases Its Burn Rate By 3000% Within 24 Hours
Shiba Inu's burn rate reached almost 3000% (2936%, to be precise) on Monday, which was an unprecedented move. However, what's even more amazing is that it is just the start - Experts believe that it is entirely possible that the burn rate of Shiba Inu could become higher than 500%! In fact, the burn rate continues to increase with every passing minute!
But what is the burning of Shiba Inu? You can compare it with burning currency - When you burn a currency, it ceases to exist. Based on the same principle, around 200 million SHIB coins were burnt and sent to a dead wallet. This move decreased the supply of SHIB, and based on the principles of supply and demand, this move should increase the price of SHIB tokens.
SHIB Token Price Could Increase
This is also a dog-themed token that highly resembles Dogecoin based on looks. Right now, all the big whales are holding the Shiba Inu coin, and after this burn even, it seems that they will continue to do so!
Just recently, around 701 billion SHIB coins were purchased by the big whales - Overall, $8.6 million worth of SHIB tokens were bought by the investors.
Data suggests that around $6.6 million SHIB were bought by a single individual or entity, which makes the whole scenario more interesting!
If we look at the price rise of Shiba Inu, it has been up by almost 1000% within the last 30 days. This can be traced back to the entrance of whales along with the upcoming burn event, which is happening right now.
The burn rate is an indication that millions of tokens are now removed from active circulation. However, let's not forget that the market is also under a strong bearish trend right now, which could put pressure on the SHIB token as well.
Some of the other factors which can make things difficult include the CPI report, interest rate hikes, and the upcoming FOMC meetings.