Shiba Inu Burn Rate Flatlines With 99% Crash, End Of The Road For SHIB?

The Shiba Inu (SHIB) burn rate is again under the radar following a drastic decline in the number of tokens burned. This development is significant considering the impact that these token burns are known to have on the meme coin.  Shiba Inu Burn Rate Crashes By Over 99% Data from the burn tracking website Shibburn shows that Shiba Inus burn rate has declined by 99.44% in the last 24 hours. Only 120,888 Shiba Inu tokens have been burned during this period, which is way low compared to the over 21 million tokens that were burned the previous day.  Related Reading: Bitcoin Gets Massive $500,000 Price Tag From Billionaire, Heres Why The instability in the number of Shiba Inu tokens burned daily continues to be a problem for the meme coins ecosystem. This issue is believed to be mainly due to the significant drop in the number of daily transactions on the Shibarium network. The layer-2 network is known to have contributed largely to the 76 billion Shiba Inu tokens that were burned last year.   However, Shibarium hasnt had much impact on these token burns since the start of the year with its daily transactions dropping from millions recorded last year to just a few thousand transactions as of late. This development has hindered the network from deploying a part of the transaction fees earned to Shiba Inu burns like it did last year.  Meanwhile, while Shiba Inus burn rate has dropped by over 99%, a positive takeaway is that it has increased by almost 15% in the last seven days. This is undoubtedly a welcome development that members of the Shiba Inu community will be glad about. However, the focus remains on sustaining this trend, given the positive impact it could have on Shiba Inus price, especially heading into the latter stages of the bull run. SHIB Price Remains Unaffected Shiba Inus price is currently on an upward trend despite the decline in the burn rate. Data from CoinMarketCap shows that the meme coin is up over 8% in the last 24 hours. Shiba Inus trading volume is also up by over 7% in the last 24 hours, signaling investors bullish sentiment towards the meme coin. Related Reading: Dogecoin Social Sentiment Turns Bearish And Drops To March Levels, What This Means For Price On-chain metrics also paint a bullish picture for the meme coin. Data from the market intelligence platform IntoTheBlock shows that Shiba Inu whales have been accumulating the meme coin in the last few days. Specifically, on-chain analytics platform SpotOnChain revealed a whale that just recently acquired 149.3 SHIB tokens Meanwhile, the Shiba Inu ecosystem has experienced notable network growth, suggesting that new crypto investors are rotating their capital to the meme coin. Shiba Inu will likely continue to record an increased demand, with meme coins projected as one of the leading narratives in this bull run.  Featured image created with Dall.E, chart from Tradingview.com

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Shiba Inu Burn Rate Sees 81% Daily Increase, But Why Is Participation Low?

The Shiba Inu burn rate has seen another daily increase, which is a welcome development for the community. However, the figures being burned paint another picture, especially when it comes to participation from Shiba Inu holders in the SHIB burning initiative. Shiba Inu Burn Rate Rises 81% The Shiba Inu daily burn rate saw a [...]

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Shiba Inu Burn Rate Crashes 82% Despite Recovery, Can SHIB Price Still Make It To $0.00008 ATH?

The Shiba Inu burn rate faces new challenges, as it has recorded a massive 82% decrease. This decline comes amid a period of recovery and positive momentum for the SHIB price, raising questions about whether the meme coin can still achieve its 2021 All-Time High of $0.00008.   Shiba Inu Burn Rate Plummets In the last 24 hours, Shiba Inus burn rate has crashed by 82.32%. The Shibburn wallet tracker has reported this significant drop, revealing that only 81,937,558 SHIB tokens have been sent to dead blockchain wallets.  Related Reading: Dogecoin Price To $1 Soon? Textbook Weekly Golden Cross Shows Whats Coming Next This severe decrease in burn activity contrasts significantly with previous periods when millions of Shiba Inu tokens were burned daily. Shiba Inu achieved a historic feat not too long ago, burning $100,000 worth of SHIB tokens in one transaction. The SHIB burn mechanism is a procedure that involves sending a portion of tokens to an inaccessible or dead wallet to reduce supply, increase scarcity, and potentially trigger a bullish surge in the price of the coin. These burns, recorded by Shibburn, a dedicated burn tracker for the Shiba Inu ecosystem, are primarily driven by the SHIB community.  While the drop in Shiba Inu burn rate may be a challenge, this development comes at a surprising time. The SHIB price has been showing signs of recovery this week, bouncing back from previous lows. The Shiba Inu price has surged 16.28% in just one day and appears to be on a continued bullish momentum. Additionally, whale volume has seen a spike, suggesting that investors are accumulating SHIB tokens.  Despite the recent price recovery and whale activity, Shiba Inus rise to $0.00008 could be compromised by its recent decline in burn rates. This decline appears to be severe, as SHIB has not recorded any notable burns over the past week. Shibburn reports that in the last 77 days, burn rates have been down 88%. For Shiba Inu to surge to its $0.00008 ATH, the cryptocurrency will need to be driven by several bullish factors and positive market sentiment. A combination of heightened market demand, increased burn rates, and strong momentum could catalyze Shiba Inu to its ATH milestone. However, with the burn rate currently down, SHIBs ongoing growth trajectory to a new ATH is now in question.  Related Reading: Bitcoin Price Signals Bullish Continuation With SuperTrend Rising, Heres The Next Target After Beating $81,000 SHIB Price Jumps 63% In One Week Amidst the low burn rate and broader market conditions, the SHIB price has been on a major upward momentum, recording price gains as it traces the bullish trend experienced by the Dogecoin price.  CoinMarketCap data reveals that Shiba Inu increased by 63% in the past week and 62.35% in the last month. The meme coin is also trading at $0.000028 as of writing, after recording another surge in its value today. Although Shiba Inu is witnessing new gains, its daily trading volume appears to be mute, decreasing by about 11.23%. Featured image created with Dall.E, chart from Tradingview.com

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