The Shiba Inu burn rate is currently facing challenges as the Shiba Inu price experiences a lull. Data from Shibburn.com, a Shiba Inu burn tracker, shows a noticeable decrease in the number of SHIB tokens burned in the last 24 hours. This decline raises concerns about the activity surrounding Shiba Inu and the potential negative impact on the already declining Shiba Inu price.
Shiba Inu Burn Suffers 30% Crash
The burn rate of Shiba Inu is a key aspect of the SHIB tokenomics strategy, designed to reduce supply and increase scarcity over time. However, recent data from Shibburn.com indicates a significant drop in burn activity. In the past 24 hours, only 3.378 million SHIB tokens were burned, representing a sharp 30.36% decrease compared to the previous 24-hour period.
This decline in the total number of tokens burned signifies a slowdown in burn activity, especially when compared to the heightened levels recorded just two days ago. Analysis of the data from Shibburn.com reveals not only a reduced total number of burn transactions but also smaller amounts of SHIB tokens being sent for burning in each transaction.
Furthermore, the low burn activity becomes more apparent when compared to SHIB burns from two days ago. The largest number of SHIB tokens burned in a single transaction in the past 24 hours was 1.99 million, significantly lower than the 169 million burned in a single transaction just two days prior.
What Does This Mean For SHIB Price? Bearish Trend Ahead?
The crucial question is whether the decrease in burn rate will lead to a corresponding drop in the SHIB price. The price movements of SHIB appear to reflect the low activity. Currently, SHIB is trading within a narrow range between $0.00002756 and $0.00002330 over the past seven days.
The week started with a bearish tone for SHIB, with a 1.3% decrease in price over the past 24 hours. The current trading price of SHIB is $0.0000253, with a low of $0.00002436 within the last 24 hours. Additionally, the trading volume of SHIB has decreased by 19.27% in the same period, indicating the trend of low activity.
However, the Shiba Inu burn crash does not necessarily spell doom for the SHIB price. A resurgence in overall crypto activity could bring back bullish momentum to the meme coin, especially if the price of Bitcoin eventually surpasses $100,000.
In conclusion, the challenges facing the Shiba Inu burn rate and the potential impact on the SHIB price are significant concerns for investors and enthusiasts. Monitoring burn activity and price movements will be crucial in determining the future trajectory of Shiba Inu in the crypto market.
