Another burning of Shiba Inu (SHIB) tokens were reported to have burned recently. The instance came into notice after a long time. There was no such instance that took place giving somewhat comfort to the SHIB community anticipating the burn. This Shiba Inu burn remained more or less similar to the previous ones given that despite millions of tokens burned, there was still no significant decrease in the supply.
In the last 24 hours, more than 27.5 million SHIB tokens were reported to get burned. Undoubtedly these tokens are now out of the supply and would never come back again but since the stash is worth only a few hundred dollars, it might not make any much of an effect. Neither the brunt token would affect the 549 trillion tokens supply nor the amount would anyhow impact the 4.5 billion USD worth market cap.
Clearly this reduction in supply would not result in increasing the market value of Shiba Inu tokens.
Although the burning rate witnessed a huge jump of upto 640% given that millions of SHIB tokens were sent to the wallet that can only receive crypto but could not send it back, it still has not made any notable change.
Even after combining the value of all the tokens burnt during last week, the amount might total for less than 10,000 USD. This is hardly going to make any impact on Shiba Inu price.
For the memecurrency to get on to an impressive level, there will be a need to burn about a few billion tokens on a daily basis. This is way more than the current pace of several million SHIB token burn in a week or so. The latter might not get the token to the anticipated level even though the market will be in better condition.
Shiba Inu’s current market condition suggests that it remained widely oversold and expectedly rally upwards following any inflow. However this remains quite far from here given the market conditions at present. In addition, the investors within the market still do not seem ready to enter and take risk of trading the memecurrencies.
ໃນເວລາຂ່າວ, ທ່ານດຣ. shib token is trading at 0.000008297 USD after dropping more than 4% in the last seven days. This shows despite a tremendous double digit burning rate growth, the token rarely witnessed any growth.
Source: https://www.thecoinrepublic.com/2022/12/26/millions-of-shiba-inu-shib-tokens-burnt-still-waiting-to-rally/