Shiba Inu Burn Rate Soars But Price Dips
Shiba Inu (SHIB), a meme coin based on Ethereum, saw a massive 1055% increase in its burn rate today. However, despite this seemingly positive development, the price of SHIB dropped by 2.15%.
This unexpected price movement has left many investors scratching their heads. The burning of tokens is typically seen as a bullish signal, as it reduces the overall supply of a coin, which can theoretically lead to higher prices.
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Here's a breakdown of the situation
Burning Surge: According to Shibburn, a tracker for SHIB burns, the community burned a whopping 50.9 million coins in the past 24 hours. This significant decrease in supply fueled optimism among some investors.
Price Drop: Despite the b...
