Doubled Out for Shiba Inu (SHIB): Will SHIB Price Also Affect?

While the leading cryptocurrency Bitcoin (BTC) continued to hover above the $30,000 level, Shiba Inu (SHIB) experienced a significant development and change. The amount of tokens burned on the Shiba Inu network more than doubled over the weekend, despite decreasing volume. The amount of SHIB burned doubled, with an incredible 150% increase, surprising investors.
So what kind of change will this situation create for the price of SHIB Coin?
Token burning action can be expressed as sending a certain number of tokens from circulation to unavailable addresses or sending them to an unsupported network. This may lead to a decrease in circulation in general and an increase in price in case of an increase in demand. That's why this weekend's event is so important. With the lower total supply, a possible rise in the price of each remaining token can be expected. For this, of course, the demand for SHIB needs to increase.
Looking at the latest published data, it can be seen that the amount of SHIB burning has increased by 150%, which is hard to believe. The amount of token burning, which gained momentum especially over the weekend, did not affect the price that much. SHIB Coin is currently going through tough market conditions and this could be due to Poly Network attack. After the Poly Network hack, 90 billion SHIBs were sold, which created a serious selling pressure in the market. Despite all these negativities, SHIB price is trying to stay at $0.0000075.
SHIB Price Fixed
It can be said that the token burning actually neutralizes the selling pressure in the market here. This is the reason why the price stays the same while the liquidity in the market increases. However, the increased rate of token burning will certainly have positive results in the long run. The most critical development here will be following the BTC price and macroeconomic factors.
Although the BTC ETF application does not directly affect the SHIB price, it seems quite plausible that it will indirectly affect the price with a general rally. For this reason, the BTC ETF and other macroeconomic factors should be on the SHIB investor's radar.
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