As a seasoned crypto investor with a knack for spotting trends and a portfolio that’s seen more volatility than a rollercoaster ride, I must say, the current state of Shiba Inu (SHIB) has me scratching my head a bit. The bearish sentiment is palpable, and the recent dip in price and transaction count is a stark reminder of the wild ride that crypto can be.
As a Shiba Inu (SHIB) investor, I’m noticing some concerning trends that indicate bears might be gaining the upper hand. The token seems to be shedding market value based on recent trends. The transaction count is dwindling, and even the spike in burn rate a few days ago has dipped significantly now.
SHIB price and burn rate face decline
Based on information from CoinMarketCap, the Shiba Inu coin is presently valued at approximately 0.0000139 U.S. dollars. Compared to its value over the past 24 hours, this represents a decrease of around 1.56%.
Over the past week, I’ve noticed a significant decline of nearly 10% in the value of the coin I’m analyzing. Regrettably, this trend seems to imply that a swift SHIB price recovery may not be easily attainable within the near future.
Just over a day ago, the rate at which Shib tokens were being burned peaked at an astonishing 28,145%, catching many off guard. In two separate transactions, approximately 96 million Shib tokens were incinerated. Yet, the market has since shifted direction, and the burn rate is now on a decline.
According to Shibburn’s data, the rate at which Shiba Inu tokens are being destroyed has decreased by a substantial 89.23%. Specifically, just 10,387,492 SHIB coins were burned in only 7 separate transactions.
SHIB transaction count on dip side
As an analyst, I’ve been examining the transactional activity on Shibarium. The total number of SHIB transactions stands at approximately 417 million, while the total blocks mined so far have reached 6.5 million. Notably, each new block is generated, on average, within a span of five seconds.
Given that the value of Shiba Inu reached its highest point early in the year, it’s been showing a recurring pattern of price fluctuations. This pattern suggests that sellers are dominating the market. If this pattern persists, there could be additional decreases in the cryptocurrency’s value.
From another perspective, Shiba Inu (SHIB) may bounce back swiftly, but this largely depends on developments within its own community or ecosystem. Interestingly, there was a significant surge in big transactions for SHIB last Friday. However, blockchain analytics firm IntoTheBlock pointed out that the daily volume of large transactions in SHIB rose by more than 62%, potentially creating an illusion of an imminent rebound.
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2024-08-31 16:21