Shiba Inu’s Burn Rate Explodes: Could the Price Reach $0.00002 Soon? – BitRss

Shiba Inu (SHIB) has started the week on a high note, with all key performance indicators showing positive movement. The token’s burn rate has skyrocketed by 544.55%, with 5,166,319 SHIB removed from circulation and sent to dead wallets. Shiba Inu’s burn rate increases are typically linked to price growth, signaling a positive shift in the meme coin’s ecosystem.

_{Source: Shibburn}

Shiba Inu Burn: Reducing Supply and Boosting Sentiment

The latest burn surge aims to shift sentiment within the broader ecosystem. These steady burns have decreased the initial SHIB supply, bringing the total burned amount to 410.73 trillion tokens. This leaves the community with a circulating supply of 583.51 trillion SHIB. The primary goal of these burns is to reduce supply, which may eventually lead to significant price gains.

Related article: Shiba Inu Skyrockets: $3.3 Billion Added to Market Cap in 24 Hours

Although the amount of SHIB burned varies over time, this deflationary approach is making an impact. As of now, Shiba Inu is trading at $0.00001811, reflecting a 6.64% increase in the past 24 hours. At this price level, SHIB has reversed most of last week’s losses, bringing the weekly decline to just 1.64%.

Community-Driven SHIB Burns to Continue

The Shiba Inu community plays a key role in driving the token’s burn agenda. Since the introduction of the SHIB burn portal, the token burn process has been consistent. As SHIB adoption grows, these burns are expected to accelerate.

Related article: Shiba Inu Burn Rate Skyrockets by 647% Amid Price Surge

Shiba Inu’s development team continues to roll out new products, although in phases. These initiatives are designed to build use cases that support SHIB’s long-term growth. If the current trends continue, SHIB could soon retest the $0.00002 price level in the short term.

This blend of increasing burns and product launches is creating a promising outlook for the meme coin’s future trajectory.

The post Shiba Inu’s Burn Rate Explodes: Could the Price Reach $0.00002 Soon? appeared first on FXcrypto News.