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Shiba Inu's SHIB token saw a staggering 244% increase in its weekly burn rate, with 389.5 million tokens vanishing, stirring speculation about a potential price surge.
SHIB Community Sees Burn Rate Increase
Amidst recent changes, the Shiba Inu community has taken notice of an increase in token burn rates.
Coingape reports that with the massive withdrawal of 389.5 million tokens from circulation, the weekly SHIB burn rate increased by 244%. In the past day, the asset's price has been rather stable, after a small uptick in the market as a whole.
A week has passed with the burn rate increasing in the Shiba Inu ecosystem, sparking multiple predictions. X (formerly Twitter) updated its users on the latest developments regarding the token supply.
SHIB Daily Burn Rate Jumps 2,600%
The network's burn of 389.2 million SHIB tokens this week represents an increase of 244.2%. With more than 280 million tokens removed from circulation, the daily SHIB burn rate increased by more than 2,600%.
Due to the decrease in supply, token burns are known to spark bullish predictions. Most projects that are trying to increase their price have started using this idea.
SHIB Burn Rate Surges Post-Listing
In tandem with a big futures listing, the SHIB burn rate increased by 28,000% on August 30. There was general ecological optimism when the weekly rate was 301%.
In periods of positive market sentiment, SHIB's burn rate has prompted earlier price predictions. Despite the fact that the cryptocurrency market is still unstable following the latest correction, users are anticipating small increases in September. Inflation is falling, which is leading many to believe that the Federal Reserve will decrease interest rates in September.
Community Vote Supports Ecosystem Growth
Some predict that a reduction in interest rates will spur investment in cryptocurrency as a whole since money will be redirected to more volatile assets. The recent SHIB community vote, which was seen as a way to boost user participation, also bodes well for future ecosystem expansion.
