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SHIB Burn Rate Makes 64% Comeback, Here's Reason

Fri, 01/20/2023 - 15:09
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Tomiwabold Olajide
Shiba Inu up 20% on week
SHIB Burn Rate Makes 64% Comeback, Here's Reason
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The Shiba Inu burn rate has recovered to over 64%, according to the SHIB burn website. On the previous day, as the SHIB price declined when investors pulled profits, the burn rate tumbled by more than 50%.

Now Shiba Inu's price is recovering and getting a leg up after investors took advantage of the decline to buy the dip. At the time of publication, SHIB was up 2.06% in the last 24 hours at $0.00001139. The dog-themed cryptocurrency is also up 20% on the week.

In the past 24 hours, there have been a total of 26,046,094 SHIB tokens burned and five transactions made. A positive catalyst appears for Shiba Inu burning as the Shibarium beta launch nears.

Shiba Inu (SHIB) Burn Rate Jumps 1,395% with Over Half Billion Burned, Here's What Happened

According to an update shared earlier by the Shibarium Network, each Shibarium transaction will burn SHIB afterward, and Bone ShibaSwap (BONE) will be its only token.

As a result, BONE is seeing its second listing in two days as Seychelles-based crypto exchange Digifinex has announced BONE's listing.

Shibarium will burn trillions of SHIB

Shiba Inu burning is still a popular topic in the community, which wants to see burns skyrocket. In the hypothesis about burning trillions, Shibarium is anticipated to play a significant role.

Shiba Inu lead developer Shytoshi Kusama has sparked excitement regarding the Shibarium beta launch after he changed his Twitter bio to "tending the pine tree of life. Quickly learning to play the flute before putting Shibarium in a heart-shaped box with a bow."

Shiba Inu (SHIB) Lead Dev Shares Fascinating Facts on Shibarium, Here's What To Know

Over the weekend, Shiba Inu's lead developer made a bullish post on Shibarium. He compared Shibarium to a "pine tree," which needs "water, sunlight, and proper soil." 

Kusama further added that "pines survive and thrive during the harshest winters." The ''winter'' here might refer to the ongoing crypto winter.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.