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cryptocurrency

Shiba Inu Headed to Seven Month Low

What is ShibBurn?

ShibBurn strategy is calculated with three special addresses including two dead wallets and tokens to the Genesis address.

It helps to reduce the supply while increasing the demand for this crypto out of thousands of cryptocurrencies.

It is crucial to keep a higher cryptocurrency price in this highly fluctuating cryptocurrency market.

Does Coin Burning Help?

Crypto burning has been in the spotlight over the last few weeks, mostly due to the incessant burning of Shiba Inu tokens (SHIB).

The developers of this meme coin are on a burning spree to save the coin from devaluation in a highly volatile crypto market.

When there is excessive cryptocurrency flowing in the market, the price of that token remains low as the demand never exceeds the supply.

Has ShibBurn Been a Failure?

Since the launch, the community used the new burning portal to destroy more than 26.3 billion SHIB from the coin’s initial supply, worth about $460,000 at current prices.

And according to the tracking website ShibBurn, the “SHIB Army” has burnt more than 200 million tokens in one day alone.

But it surely doesn’t seem to do the trick as the coin price is still stuck at a low point with a value of $0.000016 USD today.

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