TL;DR
The popular memecoin – Shiba Inu (SHIB) – has been on an uptrend lately, with its price soaring by 6% in the past week and over 30% on a monthly basis. One factor that might have contributed to the rally is the successful execution of the project’s burning mechanism.
Shiba Inu’s burn rate has skyrocketed by more than 160,000% in the last 24 hours, resulting in almost 8.6 billion tokens sent to an address nobody could access. The program’s main goal is to reduce the tremendous circulating supply of the asset and potentially make it more scarce and valuable in time. According to data provided by Shibburn, over 41% of Shiba Inu’s total supply has already been destroyed.
Another element that may stand behind SHIB’s recent rise could be the further advancement of the layer-2 blockchain solution Shibarium. The network, which officially went live in August this year, has witnessed daily transactions into the millions throughout December, with total transactions exceeding the 160 million mark.
In addition, total blocks have surpassed 2.2 million. Those willing to dive deeper into the matter and learn about Shibarium’s merits could take a look at our dedicated video below:
Shiba Inu’s latest revival has positively affected numerous investors. According to IntoTheBlock, almost 40% of SHIB holders currently sit on paper profits, while 55% are in red. As CryptoPotato reported, the percentage of those sitting on unrealized losses was around 90% approximately three months ago.
Another element worth observing is the Shiba Inu exchange net flow. As revealed by CryptoQuant, outflows have outpaced inflows three times in the past four days.
Shifting from marketplaces toward self-custody methods could be viewed as a bullish event as it reduces the immediate selling pressure and suggests that the asset’s price might head north in the short term.
The post Shiba Inu Burn Rate Skyrockets 160,000% in a Day as SHIB Price Monthly Gains Add to 30% appeared first on CryptoPotato.
