Shiba Inu (SHIB) has pivoted an intense token-burning schedule, but the 941% increase in weekly SHIB burns has barely affected the price.
Shiba Inu (SHIB) has shown an interesting pivot in its burning mechanism. In the past seven days, SHIB burns experienced a massive 941% surge, with 322,982,323 tokens valued at $5,933.50 being sent to the blockchain's null addresses. This burning activity is notably influenced by Shibarium Layer-2, SHIB's native blockchain. A significant portion of the transaction fees collected in the gas token Bone ShibaSwap (BONE) are used to purchase SHIB tokens and burn them.
This burning strategy aims to gradually reduce Shiba Inu's total supply and bolster its price. However, despite these efforts, SHIB price seems to be struggling to gain momentum. With six million tokens burned in the past 24 hours, SHIB price attempts to remain above the key support at $0.000018. At this price range, a crucial 54% of custodians stand to benefit from this price point.
If these burns fail to provide a sufficient boost, SHIB price might fully retrace from September's bull run to $0.00002135. Meanwhile, SHIB's burn rates heavily depend on Shibarium Layer-2.
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