Shib Burn Reveals Significant Increase in SHIB Burn Rate
Shib Burn has revealed that the rate of SHIB burn increased by 3,465% in just one day. Around 9.81 million tokens have been burned ever and forever, and 9.47 million tokens were burned in a single transaction. This exercise happened at a time when the token rose beyond $0.00001250 and the trading volume increased twice in one day.
Mechanism of Token Supply Reduction
The burning process of increasing part of transaction fees is the mechanism of the Shiba Inublockchain, which aims to decrease the supply over time. This notwithstanding, at the current supply (around 590 trillion tokens), earlier burns do not affect the scarcity much.
Market Analysis and Future Projections
Analysts have pointed out that a breakout above $0.00001300 in the 4-hour chart with the support of the 200-period EMA may be the catalyst for short-term goals at $0.00001500 and $0.00001600. Market signs also indicate the possibility of overshooting the short-term pullbacks to the level of $0.00001250, which can act as points of liquidity accumulation on further up moves.
Long-term Changes in Tokenomics
However, to change tokenomics in any meaningful way might take long-term appreciation and add structural changes like a reverse split.
