SHIB Burn Rate Explodes: Prices to Turn Bullish?
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The burn rate of Shiba Inu (SHIB), the second-largest meme coin globally, experienced a significant boost, as reported by a social media user on X (formerly Twitter). This increased burn rate has led to a minor uptick in SHIB's price. Despite this, the overall trend for Shiba Inu remains downward.
The surge in burn rate implies a decrease in the circulating supply of SHIB, which theoretically should increase the coin's value. However, current market conditions suggest persistent caution among investors.
It's noteworthy that even though the burn rate positively impacts SHIB's price temporarily, the long-term prospects remain uncertain amid a consistent downtrend.
Source: coinedition.com ↗
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