E Point Perfect
Crypto

SHIB Bullish Price Action Surprisingly Boosts Shiba Inu Burn Rate: Details

[ad_1]


article image

Gamza Khanzadaev

SHIB burn rate spikes thanks to Shiba Inu token’s bullish behavior

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The rate of Shiba Inu token burning almost doubled in January, with more than 1 million SHIB tokens already burned in the first weeks of the new year, according to CryptEye data. For comparison, only 540,000 Shiba Inu tokens were sent to dead addresses to be burned during the entire month of December.

Source: CryptEye

At the same time, the price of the Shiba Inu token rose by 17.3% during the period under review, fully recouping the losses incurred throughout the last month of 2022.

Thus, we can once again assert that the growth of the SHIB price has a favorable effect on the number of tokens burned. Recall that, previously summarizing the year regarding Shiba Inu token burning, U.Today noted a gradual decline in the rate of burning, which of course repeated the dynamics of the SHIB price. December then became the month of the absolute bottom, when the number of SHIB sent to a dead address did not even exceed one million tokens.

Keep trend burning

If the rally at the beginning of the year continues, we can expect growth not only in the price of SHIB but also in the burning rate, which seems to be a nice bonus for holders of Shiba Inu tokens.

By now, the number of tokens out of circulation is 410.385 trillion SHIB. For 2022, a total of 83 billion Shiba Inu tokens were burned.

[ad_2]

Source link

Related posts

3 Things That Can Destroy Crypto Exchange Named by SEC Chair, FTX as Example

CryptoLaw Founder Responds to XRP Haters About SEC’s “Security” Argument

Mysterious Bitcoin Whale Allocated Almost 5,000 BTC Since Mid-September

XRP Makes Surprising 12% Jump, Here’s Why

Michael Saylor Pitches Bitcoin to Ray Dalio

Crypto News Digest by U.Today