Shiba Inu consumption rate is on the rise again despite the most recent drop in network activity
Shiba Inu (SHIB), a popular cryptocurrency token, showed a significant increase in its burn rate, reaching 1000% within hours. The spike in the consumption rate came as SHIB’s price performance remained flat, which could potentially be a sign of the asset’s return to the market. Burn rate is an important metric for understanding the overall health and development of a cryptocurrency, and a rising burn rate is often seen as a positive sign for an asset’s future growth.
Despite the recent drop, the Shiba Inu’s burn rate has steadily increased over the past few days. The recent increase in burn rate is a notable development, given that less than 20 million tokens were burned just a few weeks ago. This sudden increase in the consumption rate may indicate that investors and traders are regaining confidence in the asset and becoming more active in the market.
In the cryptocurrency market, an increasing burn rate can be seen as an indicator of increased demand and increased investor interest. It is important to note that the burn rate reflects the overall activity of a token and can be influenced by a number of factors, but the main ones for SHIB are overall network activity and usage.
The recent increase in Shiba Inu consumption rate could be a sign that the market is becoming more bullish on the asset and its price performance will continue to improve in the coming weeks.
At press time, Shiba Inu is trading at $0.000013 with a price increase of 0.7% in the last 24 hours.