Shiba Inu SHIB has become a topic of discussion among the community due to a spike in the weekly burn rate. The Shiba Inu burn rate surged by a staggering 244% in the past week with over 389.2 million SHIB tokens removed from circulation. Despite this news, the market price of SHIB dropped by 2.81% to $0.00001361 with a 43.28% drop in trading volume in the past 24 hours.

Shiba Inu Burn Rate Surges 244%

In the recent X post, Shibburn reported a significant spike in the daily burn rate reaching 280,551,225 representing a 2,604.11% increase. This surge has contributed to a weekly supply shortage of 389,610,693 marking a 246.4% weekly surge.

Market Impact:

Token burns, a process that permanently removes coins from the ecosystem, are often viewed positively by investors as they theoretically increase the value of remaining tokens. However, despite the surge in Shiba Inu burn rate, the SHIB price has not reflected this bullish sentiment. In the past 24 hours, SHIB has experienced a drop of 2.75% in price trading at $0.00001358.

Shiba Inu Pirce Outlook

The increasing Shiba Inu burn rate generally leads to bullish market sentiment. Yet, despite the surge in burn rate, the crypto market remains shaky after the last correction. However, users expect slight upticks in September. This is largely due to the anticipated September Fed rate cuts amid slowing inflation.

Lower interest rates are expected to encourage more people to invest in cryptocurrencies, which are considered risky assets. Additionally, the recent vote by the Shiba Inu community to increase user involvement is likely to boost growth within the ecosystem.

Shiba Inu’s recent increase in token burn rate has generated significant excitement within the crypto community. While the short-term price may be volatile, the long-term outlook remains positive, driven by the burn rate, market expectations, and community engagement.

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