Discover the 42% increase in the burning rate of Shiba Inu tokens on the verge of Christmas. Learn how token burning affects the market value of this meme coin.
The Shiba Inu ecosystem experienced a 41.87% increase in the burning rate of tokens within 24 hours leading up to Christmas. According to Shibburn data, 7,309,654 Shiba tokens were burned yesterday. Although not significant compared to other instances, the timing of this increase is crucial. The burning rate surge coincided with a decrease in Shiba Inu’s price, rapidly leading to a price uptrend in the past 24 hours. Currently, Shiba Inu’s price has increased by 3.5% compared to yesterday and is trading at $0.00002305. Burning Shiba Inu tokens plays a vital role in the market dynamics of this meme coin, creating a deflationary element in its supply that can have a positive long-term impact on its value.
