Shiba Inu Burn Rate Sees 81% Daily Increase, But Why Is Participation Low?
20 April 2024 - 10:00AM
NEWSBTC
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 significant uptick, rising an impressive 81% in a single
day. While this surge is a positive for the meme coin, the number
of tokens burned to cause this surge are far from impressive.
Related Reading: Goldman Sachs On Bitcoin Halving: ‘It doesn’t
Matter If It’s A Buy The Rumor, Sell The News Event’ According to
data from the Shiba Inu burn tracking website Shibburn, a total of
4.64 million SHIB tokens were burned in the last day. To put this
in perspective, the total value of the tokens burned for the day is
around $105. Additionally, given that this constitutes an 81%
increase, it means an even smaller amount of tokens were burned the
prior day. Shibburn’s records show that the previous day saw a
total of 1.9 million tokens burned, which is around $45 worth of
coins. This drastic decline in the number of coins being burned on
a daily basis suggests muted participation from investors. This
could be directly tied to Shiba Inu’s price struggle over the last
few weeks, which has seen investors take a more conservative stance
to protect their positions. SHIB Price Crashes 21% The Shiba Inu
burn rate is not the only thing that has been seeing a decline in
the last week, its price has also taken a hit. According to data
from the token tracking platform Coinmarketcap, the Shiba Inu price
is down 15% in the last week alone. Related Reading: Here’s What
Would Happen If The Bitcoin Price Fell Below $58,000 As a result of
this 15% decline, the SHIB price has now dropped to $0.000023,
which also represents a 50% drop from its March peak of $0.000044.
However, its daily trading volume has seen a bullish reversal,
rising 12% in the last day to $645 million. A rise in volume can
often signal a return in interest to a cryptocurrency. If this is
the case, then the Shiba Inu price may be headed for a reversal as
investors start to place their bets once more. At the time of
writing, the SHIB price is still trending at $0.0000228, showing
small daily gains of 4%. However, despite the negative headwinds
the meme coin has experienced, it continues to maintain a market
cap above $13.5 billion, which makes it the 11th-largest
cryptocurrency in the market, ahead of the likes of Avalanche and
Polkadot. SHIB price at $0.0000228 | Source: SHIBUSDT on
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