Shiba Inu Burn Rate Spikes 130%

[tokyohd]

According to the Shibburn blockchain tracking service, the famous memecoin saw a rapid increase in the burn rate in the last 24 hours as users burned 130% more tokens than usual. The Twitter account of the service shared some interesting numbers.

Since the announcement of the Shiba Inu crypto card, we saw a rally in the number of burned Shiba Inu tokens as users have been burning close to 1 billion Shiba Inu tokens per day, decreasing the supply massively, which is one of the main requirements for SHIB to have a chance for a reversal on the market.

Because of the weekend, we saw a relatively low number of burned Shiba Inu tokens today as users have removed around 500 million tokens from circulation in the last 24 hours. But despite the number being below 1 billion SHIB, the total number of burned tokens today is still above average.

Source https://www.shibburn.com/

Read more on U.Today
https://u.today/shiba-inu-burn-rate-spikes-130

[TastyChillySauce00]

500 millions tokens removed from cirtculating supply? wow, that's very small. The burn is very very small and it may takes decades or until 2100 to burn 25% tokens from the circulation. that's why this token is not getting hyped anymore. It seems like the activity of people to use shiba inu have been starting to decline. The bearish trend is coming again and it seems like that this gonna be a long term. I didn't even expect shiba can do only a small burn like that consider from its daily volume.

[batang_bitcoin]

Bitcoin is moving it as well. So, the burning of its tokens could really matter but analyzing the whole thing then I'd say that it's not a big matter.
Whenever bitcoin moves up, the majority of the cryptos whether they do something like burning or have any news, also go up.
Usually, we're thinking that it's the big move that they make but it does a little portion of its motion and is still connected to the movement of the king in the market.

[Yogee]

.... which is one of the main requirements for SHIB to have a chance for a reversal on the market.

Give them some credit for trying so hard. A lot of people were caught in this shit and they have no choice but to hype it up until they could dump their bags to new buyers. The same case with other altcoins hehe.

Because of the weekend, we saw a relatively low number of burned Shiba Inu tokens today as users have removed around 500 million tokens from circulation in the last 24 hours. But despite the number being below 1 billion SHIB, the total number of burned tokens today is still above average.

Impressive numbers for an altcoin with hundreds of trillion supply......not

It's just another marketing strategy to flood the market with those tokens first and announce burn later.

[nakamura12]

Bitcoin is moving it as well. So, the burning of its tokens could really matter but analyzing the whole thing then I'd say that it's not a big matter.
Whenever bitcoin moves up, the majority of the cryptos whether they do something like burning or have any news, also go up.
Usually, we're thinking that it's the big move that they make but it does a little portion of its motion and is still connected to the movement of the king in the market.

Right, since many tokens and even coins increase or decrease when Bitcoin does that. Burning some of the shiba inu tokens would help increase its price when the demand of the said token increase but the supply is less. I think that it won't increase much in terms of price increase since shiba inu still have a lot of tokens. It won't even reach $2 if you have 100,000 shiba inu tokens. Shiba inu might have a chance for a reversal on the market once they achieved the targeted tokens to burn as you have know that the higher the demand and less supply will surely increase the price when there is a change of Bitcoin's price. All that move to burn the tokens is to continue the hype but let's see what will really happen in the future.