0 Shiba Inu in 24 Hours, What’s Happening?

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As a seasoned crypto investor with a knack for Shiba Inu (SHIB), I must admit this recent anomaly in the burn rate has left me scratching my furry chinchilla-lined cap. The past 24 hours have been as barren as a deserted moonscape, with no fresh tokens entering the burn wallet – quite unusual for a token that’s as lively as a Shiba on a squirrel chase.

In the last 24 hours, there’s been an unusual dip in the rate at which Shiba Inu (SHIB) tokens are being destroyed or “burned.” This comes after a significant surge in SHIB prices over the past week. According to data from Shibburn, no SHIB tokens have been burned recently, suggesting a possible pause or cooling-off phase among the community.

Shiba Inu and community contribution

In simple terms over the last day, there hasn’t been much happening in the Shiba Inu market. Prices have dropped and no tokens were burned. As it stands now, approximately 410 trillion 0.61 SHIB tokens have been burned within the past 24 hours. The current supply of SHIB in circulation is also around 410 trillion 0.61 tokens, suggesting that the aim for a significant decrease is quite challenging to achieve.

As a researcher, I am tracking the hourly and daily updates of SHIB. Here’s the current status:

— Shibburn (@shibburn) November 4, 2024

Although the Shibarium burn portal was introduced, token burning primarily stems from community actions. For more than 24 hours now, the burn rate remains unchanged, as no one has found it appropriate to transfer SHIB to the burn wallet.

This pattern is uncommon for a coin whose value is $100 or lower, as it could significantly reduce its existing amount in circulation. However, one significant advantage lies in the fact that, similar to other ‘burn’ events where no SHIB tokens go to a designated burn address, this trend might be temporary.

SHIB price outlook

Currently, the Shiba Inu coin is experiencing a downturn, with many cryptocurrencies losing ground from their gains of the previous week. As I write this, the token’s value has dropped by 1.67% over the last day to $0.00001679. It’s worth mentioning that the recent selling pressure has caused a steeper decline of 4.84% in the past month.

If the burning rate of Shiba Inu recovers in the near future, it could potentially boost the token’s value as well. At present, our aim is to achieve a minimum selling price that would stimulate a price increase.

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2024-11-04 12:08