Shiba Inu, burn rate surges 237%... will the price follow?

▲ Shiba Inu (SHIB)/ChatGPT generated image

The scale of Shiba Inu (SHIB) burns has surged in a short period, bringing the trend of supply reduction back to the forefront of the market. The price showed a limited reaction, with only a slight increase.

According to U.Today, a cryptocurrency specialized media outlet, on April 11 (local time), on-chain data platform Shibburn stated that the SHIB burn rate increased by 237% in the last 24 hours. During the same period, a total of 15,509,996 SHIB were burned and removed from circulation.

This burn was executed through a total of 10 transactions. Millions of SHIB units and thousands of SHIB units were processed in a distributed manner, leading to a gradual reduction in supply.

Market reaction was limited. The price of Shiba Inu increased by only 0.24% during the same period. Despite the increase in burns, the impact on short-term supply and demand appears to be insignificant.

Converted to an amount, the burn scale is approximately $91. While the absolute scale is not large, the trend of supply reduction continued as the burn mechanism was maintained.

Shiba Inu is designed to gradually reduce its circulating supply based on a structure that burns a certain amount during transactions. This structure acts as a factor for increasing scarcity in the long term.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*