- SHIB Burn Rate reaches 530% as SHIB community sees massive token burn creating optimism for a price increase.
- Lead Developer of Shiba says revenue from the game will be used to further reduce SHIB supply.
- Analysis suggests that broader market sentiment and investor behavior will also impact SHIB price.
Shiba Inu (SHIB) is experiencing a surge in interest as its token burn rate skyrocketed 530% in the past 24 hours. This significant reduction in circulating supply, coupled with recent announcements from the project’s lead developer, has fueled optimism among SHIB investors about a potential price increase.
Burning tokens strategically reduces a cryptocurrency’s overall supply, which can theoretically increase prices due to increased scarcity. The Shiba Inu community has been a strong proponent of this method for managing supply, and their efforts have resulted in the burning of a significant 410 trillion SHIB tokens to date.
Adding to the momentum, Shiba Inu’s lead developer, Shytoshi Kusama, recently revealed plans to utilize revenue generated from in-app purchases within the Shiba Eternity Web3 game to further support SHIB and LEASH token burns. This anno…
The post Shiba Inu Token Burn Surges 530%, Igniting Investor Optimism appeared first on Coin Edition.