Millions of Shiba Inu (SHIB) incinerated in new attempt to drive price growth
The Shiba Inu burn rate is symbolic of many things, all of which point toward positivity for the digital currency. First, the burn rate underscores the relentless efforts of the token to reduce its massive circulating supply. This reduction has an upward impact on the valuation of the token overall.
Additionally, the SHIB burn rate highlights that there is active usage of the SHIB for the fast-growing or utilities emerging within the Shiba Inu ecosystem. Per its design, the tokens are cast into the fire when there is active usage, which releases a portion of the fees paid for burning.With Shiba Inu struggling for the better part of this month as relates to its price growth, the latest uptick represents another avenue for the digital currency to regain its lost pace.
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