Emily Walker
The burn rate for Shiba Inu is facing obstacles amidst a slowdown in its price. Data from the Shiba Inu burn tracking site, Shibburn.com, shows a considerable drop in the number of SHIB tokens burned in the last 24 hours. This raises concerns about Shiba Inu activities and whether the ongoing decline in SHIB’s price could worsen further.
Shiba Inu Burn Rate Drops by 30%
The burn rate of Shiba Inu plays a vital role in its tokenomics, focusing on reducing supply and enhancing scarcity. However, latest figures from Shibburn.com reveal a troubling decrease in burn activity. In the last 24 hours, only 3.378 million SHIB tokens were burned, marking a significant drop of 30.36% from the previous day.
This reduction signals a slowdown in burn efforts and is evident when compared to the higher burn levels observed two days prior. Analysis of data from Shibburn.com indicates that this downturn is not merely in total burn numbers but also in the smaller volumes of SHIB burned per transaction.
Comparing recent burn activity, the highest single transaction in the last 24 hours involved 1.99 million SHIB tokens, which stands in stark contrast to 169 million tokens burned in a single transaction just two days ago.
Impact of Declining Burn Rate on SHIB Price: A Bearish Outlook?
The key question arises: will this decreased burn rate lead to a drop in SHIB’s value? Notably, SHIB price patterns appear to reflect this decline in activity. At the time of this report, SHIB is trading within a limited range of $0.00002756 to $0.00002330 over the past week.
The start of the week was bearish for SHIB, with a 1.3% decrease in the last 24 hours. Currently, SHIB is priced at $0.0000253, having dipped to $0.00002436 recently. Additionally, the trading volume has fallen by 19.27% in the last day, reinforcing the trend of dwindling activity.
Nonetheless, the recent decline in Shiba Inu burn rates does not necessarily predict a dreary future for its price. An uptick in overall cryptocurrency activity could revive interest in this meme coin, especially if Bitcoin’s price surges above $100,000.