As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by the recent developments surrounding Shiba Inu (SHIB). The plunge in the SHIB burn rate and the subsequent price drop has caught my attention, as it often signals a shift in market sentiment.
According to data from Shibburn, a platform tracking Shiba Inu transaction burns, there’s been an enormous decrease in the SHIB burn rate starting from this morning.
During this period, there was a significant drop in the Shiba Inu token burn rate, which led to a nearly 5% fall in its value. Since last Monday, this price decrease amounts to approximately 7.62%, but earlier today, SHIB showed some recovery, increasing by about 2%.
SHIB burns in red abyss
As an analyst, I’ve been closely monitoring the Shiba Inu coin circulation, and it appears there’s been a significant drop over the past 24 hours. Specifically, the rate at which these coins are leaving circulation has plummeted by approximately 89.7% compared to yesterday’s figures.
To date, approximately 500,000 units of meme coins were collectively moved into irreversible blockchain wallets in one transaction, effectively removing them from circulation, as reported by the same source. Similarly, on Monday, around 5 million SHIB tokens were burned, according to the same source.
SHIB exec explains why market is down
Today, the well-known marketing leader for Shiba Inu, who goes by the name Lucie online, shared two messages. In these posts, she discussed the current downfall in the cryptocurrency market and urged members of the SHIB community to exercise caution.
Lucie thinks that the primary reason for the decline in the cryptocurrency market is the increased uncertainty due to deteriorating situations in the Middle East and the upcoming U.S. presidential election in November.
Apart from expressing her dismay, Lucie mentioned an issue with “insufficient honesty,” describing it as both disappointing and aggravating. The Shiba Inu leader cautioned the SHIB community to prioritize their safety and avoid placing unquestioning trust in anyone. She emphasized that numerous coins unexpectedly appearing on the market are typically given a month-long promotion, followed by “two-week withdrawal events” or rug pulls, only for this pattern to recur continually.
Once the Shiba Inu community shifts its focus away from these individuals, Shiba Inu adoption is likely to expand rapidly, according to her belief. She also cautioned the community, emphasizing that scammers frequently bolster and promote each other, making it challenging to discern the truth. It’s not always a straightforward matter of right versus wrong.
Lucie suggested that members of the SHIB community should stay vigilant and cautious when it comes to avoiding scams and frauds within the realm of cryptocurrencies.
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2024-10-08 16:58