An uplifting turn of events for the Shiba Inu community: The daily burn rate of Shiba Inu has risen once more. Yet, a closer look at the numbers being torched reveals valuable insights, particularly concerning the involvement of Shiba Inu token holders in the SHIB burning program.
Shiba Inu Burn Rate Rises 81%
The rate at which Shiba Inu tokens are being burned each day increased by a large margin, jumping 81% in just one day. This is good news for the meme currency, but the quantity of tokens consumed to bring about this increase is unimpressive.
Based on information from the Shiba Inu token burn monitoring site Shibburn, approximately 4.64 million SHIB coins were eliminated from circulation in the past 24 hours. This equates to a monetary value of roughly $105.
In other words, with a 81% rise in burned tokens from the previous day, it follows that fewer tokens were eliminated the day before – only about 1.9 million tokens or roughly $45 value.
The significant drop in the daily rate at which coins are being destroyed indicates that investors are being more cautious and less active in Shiba Inu. This may be due to the coin’s recent price instability over the past few weeks, leading investors to adopt a more defensive approach to safeguard their investments.
SHIB Price Crashes 21%
Over the past week, both the Shiba Inu burn rate and its price have experienced a decrease. Specifically, Coinmarketcap reports that the value of Shiba Inu has fallen by approximately 15%.
Due to a 15% decrease, the SHIB token’s price has fallen to $0.000023, marking a 50% drop from its March high of $0.000044. However, there’s been a positive shift in the daily trading volume, which has surged by 12% to reach $645 million. An uptick in volume can be an indicator of renewed investor interest. If this trend continues, the Shiba Inu price may experience a turnaround as more investors jump back in.
Currently, as I pen this down, SHIB‘s price is hovering around $0.0000228 with a daily growth of 4%. This may seem insignificant, but it’s noteworthy given the challenging market conditions the meme coin has faced. Surprisingly, its market capitalization remains above $13.5 billion, securing its position as the 11th largest cryptocurrency in the market, surpassing that of Avalanche and Polkadot.
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2024-04-20 03:04