SHIB Burn Rises 900%: What Does This Mean for the Token?

• SHIB tokens burned in the last 24 hours surpassed 82 million as the token value decreased.
• The funding rate is positive, suggesting mid-term bullish sentiment for SHIB.
• If buying pressure keeps falling, SHIB’s price may drop from $0.0000081.

The number of Shiba Inu (SHIB) tokens burned in the last 24 hours reached almost 83 million, according to data from the Shibburn website. The amount represents a 913.89% increase within the period. 

SHIB burn refers to the process of removing SHIB tokens from circulation and sending them to dead wallets. The primary aim of this mechanism is to create scarcity for the cryptocurrency while increasing the value of the remaining accessible tokens.

SHIB Drops, But Traders Are Bullish

So, it is expected that when the burn rate increases, the price action should follow suit. However, this does not occur in all instances, as the burn mechanism targets long-term influence rather than short-term impacts.

This time, the price of SHIB decreased by 2.20% despite the simultaneous spike in the burn rate. The price decline could be linked to the broader market slump, which has left altcoins …

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