ShibaInu burn rate soars and sets price on path to recovery
Image Source: Shibburn.com
One of the three core implications of the massive burn rate for the SHIB price is that market bulls can hide behind the bullish token burn metric to go on an accumulation streak in hopes of a major revival in the near future. Second, SHIB may maintain significant resistance and trade in a range as current holders may choose to showcase their trust by not selling.
Lastly, the burn rate will continually serve as a major signal for prospective whales and even retail investors to consider accumulating the token as insurance from a coin with positive on-chain fundamentals.One of the core aims of the Shiba Inu protocol is to drive mass adoption of the meme coin and possibly serve as one of the digital currencies with the biggest integration rate among mainstream businesses.
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