Shiba Inu Burn Rate Falls 80%, Is It Time To Sell?


The Shiba Inu community burn rate has seen a significant decline over the last few days. The burn rate which had been on a tear earlier in the month started to recede and has fallen double-digits in the last 24 hours alone. Given that this burn initiative was implemented to reduce supply and increase the price in the process, this decline in burn rate could have an impact on SHIB’s price performance.

Shiba Inu Burn Rate Down Over 80%

As data from the Shiba Inu burn tracking website, Shibburn, shows, the Shiba Inu burn rate is down more than 80% in the last day. The reason for this decline is lower participation in the burn rate, as investors have turned their focus to the surging crypto market prices.

How To Get Free Crypto  

At this time, only 29.98 million SHIB have been burned. Compared to the figures from earlier in the month which often came out above 100 million tokens burned, it shows a serious lack of participation from the Shiba Inu community members.

Burn rate down 80% | Source: Shibburn

Burns have come from over 40 wallets but the number of SHIB each transaction was carrying was very small, hence the lackluster burn rate recorded at this time. However, on the weekly time frame, the burn rate is faring much better, as the burn tracker revealed on X (formerly Twitter) that it has seen a 61.82% increase. This means that over 362.4 million tokens were incinerated in the seven-day period.

Will This Affect The SHIB Price?

A look at the Shiba Inu price chart shows that the meme coin has seen a slowdown in its rally over the last day. But this has not completely eliminated the bullish tendencies that the SHIB price has shown. For example, whales are not giving up on the crypto and are instead choosing to accumulate through the twists and turns.

As Bitcoinist reported, Shiba Inu whales picked up 4.52 trillion tokens from the market, which saw the price rally resume once more. This shows that these large players expect the price to continue to rally, especially in the short term, making it a good time to be in the cryptocurrency.

Coinbase Banner  

However, there has been a significant decline in the excitement and participation in the SHIB token. CoinMarketCap data shows a 20.94% decrease in its daily trading volume, which suggests that sellers may be gaining ground.

Nevertheless, Shiba Inu has done a good job of sticking with the Bitcoin rally. And if the leading cryptocurrency continues its upward march, Shiba Inu’s tendency to follow the same path will see its value rise despite the decrease in burn rate.

SHIB holds $0.000007 | Source: SHIBUSDT on Tradingview.com

Featured image from Freepik, chart from Tradingview.com

Go to Source
Author: Scott Matherson


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.