The Shiba Inu (SHIB) crypto has been making headlines recently with its impressive burn rate increase of over 8000%. The SHIB community has been actively pushing for a higher burn rate by sending large amounts of tokens to the dead wallet. This has led to a significant reduction in the total supply of SHIB tokens, which has had a positive effect on the crypto’s price. In this article, we will explore what this milestone means for the SHIB community and the wider crypto market.
What is a Burn Rate?
Before we dive into the significance of the SHIB burn rate increase, let’s first explain what a burn rate is. A burn rate refers to the number of cryptocurrency tokens that are taken out of circulation permanently. This is achieved by sending them to an inaccessible wallet address known as the “dead wallet.” By doing this, the total supply of crypto is reduced, which can have a positive effect on the price.
Why is the SHIB Burn Rate Increase Significant?
The SHIB community has been actively pushing for a higher burn rate by sending large amounts of tokens to the dead wallet. This has led to a significant increase in the burn rate, with about 8000% increase being reported recently. This is a major milestone for the SHIB community, as it shows their dedication to the project and their belief in its long-term potential.
The increase in the SHIB burn rate has also had a positive effect on the crypto’s price. As the total supply of SHIB tokens decreases, the demand for them increases, which can lead to a higher price. This is good news for SHIB holders, as they are seeing the value of their investments increase.
The recent listing of SHIB on the Binance exchange also contributed to the crypto’s popularity and trading volume. This has helped to further increase the burn rate and the price of SHIB.
Should You Invest in SHIB?
While the SHIB burn rate increase and price rise are impressive, it’s important to remember that investing in crypto can be highly volatile and unpredictable. The market can change rapidly, and prices can rise or fall without warning.
If you are considering investing in SHIB, it’s important to do your own research and make an informed decision. Look at the project’s whitepaper, team, and community to get a better understanding of what the project is about and its potential for growth.
Resourceful links :
- How to make money with crypto trading
- How crypto market cap is determined
- Top 10 cryptocurrencies to mine
- Binance Exchange – https://www.binance.com/
- Investopedia – https://www.investopedia.com