Amid the recent cryptocurrency market downturn, Shiba Inu continues to record a decline in network performance. Although the market is gradually regaining momentum, the Shiba Inu’s burn rate remains flat.
While network activities are sparse, data According to Shibburn, the Shiba Inu’s burn rate has decreased by 100% in the past 24 hours. $SHIB It was destroyed by fire as of February 14th.
It is important to note that the Shiba Inu’s ecosystem is subject to periodic fires. $SHIB A move aimed at reducing circulating supply, which will be cut from its total supply.
Apparently, this move is aimed at increasing demand by creating some kind of scarcity, in an effort to potentially drive asset price appreciation.
This movement is often observed on a daily basis, but zero $SHIB The recently recorded burn sparked debate across the market amid concerns about the impact on the recovery in asset prices.
$SHIB prices rise again
Despite zero combustion activity $SHIB As recorded today, the leading dog-themed meme token has seen a significant increase in trading price over the past day.
This means that $SHIB’s continued price surge is highly independent of the token’s deflationary mechanism and suggests that bullish price movements are being driven by renewed investor interest as momentum returns to the market.
This remarkable price recovery comes amid a broader resurgence in the crypto market, with Shiba Inu price registering a 5.59% increase in the past 24 hours. Following this significant price increase, the asset remains at $0.000006455 at the time of writing.
on the other hand, Shiba Inu In contrast to the impressive price surge, network activity remains negative, with market watchers expressing concerns about the sustainability of the ongoing bull market.
