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Shiba Inu (SHIB) Burn Rate Amid Market Turmoil Shows Unexpected Performance

Fri, 03/10/2023 - 12:13
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Arman Shirinyan
Shiba Inu's burn rate plummets amid market volatility spike, here's how it performs
Shiba Inu (SHIB) Burn Rate Amid Market Turmoil Shows Unexpected Performance
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Shiba Inu shows an underperforming burn rate. Historically, during volatile market periods, the burn rate of Shiba Inu has seen significant spikes. However, this time around, the burn rate has experienced an 85% reduction, which is a deviation from the norm.

The burn rate is the pace at which tokens are removed from circulation. Shiba Inu's burn rate has been a point of interest for many investors, as it can impact the token's value in the long run. While the reduction in the burn rate might seem concerning, it is worth noting that the total amount of burned tokens remains at 250 million SHIB. This is a significant number, especially for a meme-inspired token like Shiba Inu.

What Is Shibarium, and What Does It Mean for Shiba Inu (SHIB): Guide

Despite the significant number of burned tokens, Shiba Inu's recent price performance has been disappointing. During the market turmoil, the cryptocurrency lost 10% of its value, and it is expected to continue going down due to fundamental pressures. It is important to note that Shiba Inu is not the only cryptocurrency experiencing a decline in value. The market is currently going through a significant correction, fueled by a series of negative events.

While the burn rate reduction might be concerning, it is important to keep in mind that it is not the only factor that affects Shiba Inu's price. Shiba Inu's burn rate might see a resurgence in the future, depending on market conditions.

Shiba Inu's community is one of the most active and engaged in the cryptocurrency space. The project has a devoted following that has helped it gain popularity and reach a market cap of over $5 billion. This community's enthusiasm for the project is a testament to its potential, and it could be a factor that drives Shiba Inu's future success.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.