Shiba

Burn

Shiba Inu

Coin

<ul class="news-points"> 
 <li>SHIB tokens burned in the last 24 hours surpassed 82 million as the token value decreased.</li> 
 <li>The funding rate is positive, suggesting mid-term bullish sentiment for SHIB.</li> 
 <li>If buying pressure keeps falling, SHIB’s price may drop from $0.0000081.</li> 
</ul> 
The number of <a href="https://coinedition.com/will-shiba-inu-shib-repeat-its-historical-december-performance/">Shiba Inu (SHIB)</a> tokens burned in the last 24 hours reached almost 83 million, according to data from the Shibburn website. The amount represents a 913.89% increase within the period.&nbsp; 
SHIB burn refers to the process of removing SHIB tokens from circulation and sending them to dead wallets. The primary aim of this mechanism is to create scarcity for the cryptocurrency while increasing the value of the remaining accessible tokens. 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/POdKGSORgKu00JqU-7ftQJggaXX2QZ-EsNQJjtc6-QVi20A1ds6YK5V8WbCL8aagmd0YjVxIsVsdIX1qq8lKHTu9V5YuB5KnB3AsyNxKcPpEjh_tIl7Zy9b3_eij_kJZbuX8T0wpvJgURN_LB4fKF3M" alt="">
 <figcaption class="wp-element-caption">
 SHIB Burn Rate (Source: <a href="https://www.shibburn.com/" target="_blank" rel="nofollow">Shibburn</a>)
 </figcaption>
 </figure>
</div> 
<h2 class="wp-block-heading" id="h-shib-drops-but-traders-are-bullish">SHIB Drops, But Traders Are Bullish</h2> 
So, it is expected that when the burn rate increases, the price action should follow suit. However, this does not occur in all <a href="https://coinedition.com/shib-burn-rate-jumps-499416-as-community-double-down-on-commitment/">instances</a>, as the burn mechanism targets long-term influence rather than short-term impacts. 
This time, the price of SHIB decreased by 2.20% despite the simultaneous spike in the burn rate. The price decline could be linked to the broader market slump, which has left altcoins …
The post <a href="https://coinedition.com/shib-burn-rises-900-what-does-this-mean-for-the-token/">SHIB Burn Rises 900%: What Does This Mean for the Token?</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

SHIB Burn Rises 900%: What Does This Mean for the Token?

Tabla de contenidos

Coin Edition

Otros artículos publicados el 30 nov 2023

Insights into Top Exchanges: Binance, OKX, Bitfinex's $90B Portfolios

Grapes NFT Project: What is it and what is Grapecoin?

Harness the power of Satoshi on CryptoSlate: New Mash partnership revolutionizes reader interactions

Billions of Shiba Inu (SHIB) Surface on Key Korean Exchange: Sell-Off Incoming?

Bitcoin Criticism from Coinbase CEO to SEC!

Renowned Economist Drops Bombshell On The US Dollar: Can Bitcoin Provide Safe Haven?

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!