As a seasoned crypto investor with a knack for Shiba Inu and a penchant for meme coins, I find myself grappling with a peculiar conundrum. The plummeting burn rate of SHIB tokens, down by an astounding 82%, has me scratching my furry Shiba-themed beanie.
The rate at which Shiba Inu coins are being destroyed has encountered fresh hurdles, with a significant drop of approximately 82% observed. This steep decrease occurs during a phase when the SHIB price is experiencing a revival and positive trends, leading some to ponder whether this meme token can still reach its 2021 peak value of $0.00008.
Shiba Inu Burn Rate Plummets
Over the past day, there’s been a massive 82.32% decrease in the burning rate of Shiba Inu tokens. This substantial dip has been confirmed by the Shibburn wallet tracker, indicating that just 81,937,558 SHIB coins were transferred to inactive blockchain wallets.
The current reduction in the rate at which Shiba Inu tokens are being destroyed is remarkably different compared to past times when over a million Shiba Inu tokens were burned every day. Not so long ago, Shiba Inu made history by destroying $100,000 worth of SHIB tokens in a single transaction.
The process known as SHIB token burning involves transferring some tokens to a wallet that can’t be accessed, effectively removing them from circulation. This action increases the token’s scarcity, which in turn might lead to an increase in demand and potentially cause a rise in the coin’s price. These burns are mainly initiated by the Shiba Inu community and their progress is tracked by Shibburn, a specialized tool designed for the Shiba Inu ecosystem.
At an unexpected moment, the decrease in Shiba Inu token burn rate might pose a difficulty. However, it’s interesting because this week, the Shiba Inu price has exhibited indications of recovery, rebounding from its earlier lows. Remarkably, the Shiba Inu price soared by 16.28% in just one day and seems to be continuing its bullish trend. Furthermore, there’s been a significant increase in whale activity, implying that investors are amassing SHIB tokens.
Although Shiba Inu has seen a price increase and some whale activity, its potential reach of $0.00008 might be threatened due to a significant drop in its burning rate. Over the past week, there haven’t been any substantial burns recorded, according to recent data. The Shibburn platform indicates that burn rates have decreased by approximately 88% over the last 77 days.
To reach its all-time high ($0.00008) again, Shiba Inu cryptocurrency will likely require a series of favorable circumstances and optimistic market feelings. By combining rising market interest, increased destruction rates, and robust momentum, we may witness Shiba Inu achieving its ATH benchmark once more. However, due to the current decrease in burn rate, whether Shiba Inu can continue on its path towards a new ATH is uncertain at this point.
SHIB Price Jumps 63% In One Week
Despite a slow growth pace and unfavorable market circumstances, the Shiba Inu coin (SHIB) has shown significant surge, with prices climbing as it follows the bullish trend similar to that of Dogecoin.
According to data from CoinMarketCap, the price of Shiba Inu has soared by approximately 63% in the last week and 62.35% over the past month. At present, this popular meme coin is trading at $0.000028. Interestingly, it has experienced another increase in value today. However, despite these new gains, its daily trading volume seems to be subdued, showing a decrease of around 11.23%.
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2024-11-12 19:34