SHIB is overtaken by TON – Can an increased burn rate move the price?

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SHIB has fallen behind TON in terms of market Capital .

According to the data, Toncoin currently boasts a market Capital of $5.026 billion, higher than SHIB's $4.988 billion. This development puts SHIB precariously close to exiting the top 20 cryptocurrencies, currently ranked just above BCH with a market Capital of $4.45 billion.

One factor that may have led to SHIB 's recent decline is the decreasing volume on Shibarium, its Layer 2 solution. Shibarium trading has hit an All-Time-Low, with just 8,766 transactions recorded on November 18, falling below 10,000 at the start of the month.

This is in stark contrast to the peak recorded on September 11, when Shibarium trading exceeded 202,000 in a single day.

Despite the recent announcement that the Manny Pacquiao Foundation will use Shibarium for its operations, this has yet to lead to a resurgence in SHIB's market activity.

SHIB is making a lot of noise with the latest increase in Token burn rates, a deliberate move to reduce supply in hopes of positively impacting prices.

However, in the past day, SHIB price did not have any significant fluctuations directly related to the increase in burn rate.

The concept of burning Token to increase their value is a strategy that has caused mixed opinions in the cryptocurrency community. This is especially controversial when the burn rate is not large enough to create a decline in circulating supply or is not accompanied by an equivalent increase in demand.

Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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