$SHIB burn rate hits enormous 1.1 billion mark, while the average daily burn rate stays at around 100 million
Token burning is a deflationary mechanism employed by many cryptocurrencies to control the supply of tokens in circulation and, consequently, to stabilize or potentially increase the value of the remaining tokens. In the case of Shiba Inu, this substantial token burn could theoretically result in a more favorable supply-demand balance and positively impact the token's price.
However, despite the significant reduction in circulating tokens, the price performance of Shiba Inu has remained relatively unchanged. Currently, SHIB is trading at $0.00001, with no price change in the last 24 hours. The token has also failed to break through the 200-day exponential moving average , a key technical indicator used by traders to identify potential trend reversals.
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