He Shiba Inu Burn Rate has seen a turnaround, skyrocketing by 1,068% despite the meme coin’s recent price drop. This unexpected recovery from Shiba Inu’s burn comes in the midst of a bearish market trendwith indicators suggesting the possibility of further SHIB price corrections. However, the sharp increase in burn rate could indicate renewed interest from investors, which could pave the way for a Shiba Inu price. recovery above $0.00003.
Shiba Inu burn rate increases by 1,068%
according to new Shibburn dataMore than 51.76 million SHIb tokens have been burned in the last 24 hours. This report highlights a steady burn rate, with millions of tokens burned every hour.
Surprisingly, the Shiba Inu burn rate has skyrocketed by 1,068% in this short period of time, reflecting a significant reduction in the supply of the token. Although Shiba Inu burns appear to be on a road to recoveryBurn rate plummeted earlier this month, declining by a staggering 90%. During this period, only 413,000 SHIB tokens were burned, a stark contrast to the impressive 250 million SHIB tokens burned the previous week.
This Sharp Drop in Shiba Inu Burn Rate It also coincided with a drop in its price, as the popular dog-themed meme coin saw a major price correction after briefly surpassing the $0.00003 mark. Furthermore, Santiment data reveals that the market value to realized value (MVRV) of Shiba Inu has fallen by more than 3%, indicating that SHIB holders may have suffered a loss over the past week.
In addition to this technical indicator, the number of daily active addresses in Shiba Inu has decreased significantly, from 6.26 billion on December 2 to 3.15 billion today. He weakening performance These key indicators suggest that Shiba Inu could be in store for another price correction.
However, the recent rebound in Shiba Inu consumption rate has raised the possibility of a price recovery. Token burning typically contributes to the price stability and long-term growth of an asset by reducing its circulating supply. With the total supply of Shiba Inu still at 589.5 billion, constant burning plays a crucial role in increasing the shortage, which could boost demand and potentially trigger a price increase for SHIB.
Shiba Inu Price Shows Strength Amid Bearish Performance
CoinMarketCap data reveals that the The price of the Shiba Inu has dropped 12% in the last 24 hours, falling to $0.000026. This bearish market performance underlines a significant change in market sentiment as investor demand for SHIB could be falling.
Despite the poor performance, Shiba Inu has shown resilience by maintaining a price above the $0.000025 level. In particular, prominent analyst Bluntz at X (formerly Twitter) has emphasized The potential of Shiba Inu, which describes the meme coin as extremely strong despite broader market conditions.
The analyst believes that Shiba Inu is still in a solid uptrendalthough controlled, with no parabolic breakout in sight yet. Given its recent increase in burn rate and strong fundamentals, Shiba Inu could see its price possibly reach the $0.00003 mark again.
Featured image created with Dall.E, chart from Tradingview.com
