Shiba Inu Burn Rate Drops Significantly, Impacting SHIB Price
The latest data from the Shiba Inu burn initiative reveals a significant decline in investor participation, which could have long-term implications for the price of SHIB. Over the past 24 hours, the burn rate has shown a decrease of almost 60%, with a total of 106.72 million tokens burned. This is a stark contrast to the over 7,700% spike in burn rate recorded just a few days ago.
Concerns Surrounding the Decreased Burn Rate
The interesting aspect is not only the drop in burn rate but also the extent of the decline. In the last 24 hours, only five transactions burned SHIB, with one wallet accounting for 98% of the total burned tokens. Notably, there have been no burn transactions in the past 8 hours, indicating a slowdown in activity.
Weekly Increase Provides Some Optimism
Despite the recent deceleration, there has been an increase in burning activity on a weekly basis. Over the past 7 days, Shibburn has recorded a growth of 151.4%, resulting in a total burned figure exceeding 620 million tokens.
SHIB Price and Future Outlook
The price of SHIB has crossed the $0.000008 mark, with bulls demonstrating strong control over the coin. While there has been an 11.75% rise in the last day and a 9.38% increase in the last week, daily volume has decreased by 14.75%. This may indicate that the current rally could be short-lived unless SHIB maintains its hold above the 50-day moving average.
Bitcoin’s Influence on SHIB
The recovery of SHIB is closely tied to the price recovery of Bitcoin. If Bitcoin experiences a downturn, it could also impact the price of SHIB. Therefore, it is important to monitor the movements of Bitcoin to anticipate future moves by SHIB.
Current Status and Market Cap
Currently, SHIB is trading at $0.00000804 with a market cap of $4.74 billion, making it the 19th-largest cryptocurrency in the market.
Hot Take: Implications of Decreased Burn Rate on SHIB Price
The recent decrease in the burn rate of Shiba Inu tokens raises concerns about the future price trajectory of SHIB. With a significant decline in investor participation and fewer burn transactions, it remains to be seen whether this slowdown is temporary or indicative of a larger trend. While there has been a positive increase in burning activity over the past week, the current deceleration warrants attention. Traders and investors should closely monitor the SHIB price and its correlation with Bitcoin as both factors will likely influence its future movement. The next few days will provide valuable insights into the sustainability of SHIB’s rally.
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