SHIB burn rate increases, will price follow?

The Shiba Inu (SHIB) ecosystem boasts a powerful deflationary mechanism — the token burning mechanism ensures that the supply and demand of SHIB are always in a stable balance. SHIB recently burned nearly 19 million tokens.

Shiba Inu’s burn rate soars to 101%

The Shiba Inu ecosystem is now micromanaging many new functions. SHIB is competing to regain its lost value. According to the latest data from Shibburn, the SHIB ecosystem burned nearly 19,603,797 tokens in the past 24 hours, causing SHIB’s burn rate to skyrocket to 101%.

With the latest burning mechanism statistics, it seems that the Shiba Inu ecosystem and investors are very interested in putting deflationary pressure on SHIB with the hope of increasing prices in the near future.

SHIB is currently experiencing a severe price drop, with the price stabilizing at a low of $0.00001688. The price of SHIB has dropped by 4% in the last 24 hours. Despite the price drop, the SHIB community remains unfazed and continues to support the token despite the market onslaught.

During a period of market gloom, Shiba Inu’s marketing lead, Lucie, took to X to share how the cryptocurrency market is currently taking a fairly neutral stance. She reposted a member’s community post, reiterating that “SHIB investors should focus on accumulating more tokens at low prices to prepare for the upcoming recovery.”

With the current token burn feature, the Shiba inu deflation mechanism can largely help SHIB price stabilize and regain its position in the top 10 cryptocurrencies with the highest market capitalization. At the same time, to reach the $0.01 milestone that many SHIB investors are eagerly waiting for, SHIB will need to increase its value by nearly 58,957% to reach the $0.01 mark.

However, cryptocurrency data analytics platform Coincodex said “it is impossible for SHIB to reach $0.01.”