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As the leading cryptocurrency Bitcoin (BTC) continues to hover above the $30,000 level, Shiba Inu (SHIB) experienced a significant event and change. The amount of tokens burned in the Shiba Inu network doubled, despite a decrease in volume over the weekend. The burned SHIB amount doubled, astonishing investors with an incredible 150% increase. So, what change will this situation create for the SHIB Coin price?
SHIB Token Burn Rate Increased
Token burning can be described as sending a specific number of tokens from circulation to unusable addresses or unsupported networks. This generally leads to a decrease in circulation and can cause a price increase when demand rises. The event observed this weekend is therefore quite significant. A possible rise in the price of each remaining token can be expected with a lower total supply. However, this requires an increase in demand for SHIB.
Looking at the latest published data, it can be seen that the SHIB burn amount has experienced an unbelievable increase of 150%. The token burn rate, which gained momentum especially over the weekend, did not have as much impact on the price. SHIB Coin is currently going through tough market conditions, and the reason for this could be the Poly Network attack. After Poly Network was hacked, 90 billion SHIBs were sold, creating a serious selling pressure in the market. Despite all these negatives, SHIB price is trying to remain at $0.0000075.
SHIB Price Remains Stable
Token burning can be said to neutralize the selling pressure in the market. The reason why the price stays the same while market liquidity increases is also shown as this. However, the increasing token burn rate will undoubtedly yield positive results in the long term. The most critical development here will be to follow the BTC price and macroeconomic factors.
Although the BTC ETF application does not directly affect the SHIB price, its impact on the price indirectly through a general rally seems quite reasonable. Therefore, the BTC ETF and other macroeconomic factors should be on the radar of the SHIB investor.
