Shiba Inu Burn Suffers 30% Crash, Will SHIB Price Follow This Bearish Trend?

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As a seasoned analyst with over two decades of experience in the crypto market, I have seen my fair share of ups and downs. The recent decline in Shiba Inu’s burn rate is a concerning development that could potentially impact the SHIB price.

The rate at which Shiba Inu tokens are being destroyed is encountering fresh hurdles due to a drop in the token’s price over the same period. As per data from Shibburn.com, the number of SHIB tokens incinerated within the last 24 hours has decreased significantly, leading to concerns about the level of activity surrounding Shiba Inu and the potential impact on an already dwindling Shiba Inu market trend.

Shiba Inu Burn Suffers 30% Crash

The rate at which Shiba Inu tokens are being destroyed, or ‘burned’, is a key aspect of the SHIB token’s economic plan, as it aims to decrease the total supply and enhance scarcity over time. However, data from Shibburn.com suggests a worrying drop in burning activity. In the last 24 hours, just 3.378 million SHIB tokens have been taken out of circulation through burning. While this number might seem substantial at first glance, it represents a significant 30.36% decrease compared to the previous 24-hour period.

This decrease in the amount of tokens being burned indicates a reduction in burn activity, and it’s more noticeable when compared to the high burn rates observed only two days ago. A closer examination of data from Shibburn.com reveals that this decline isn’t just about fewer burning transactions but also smaller quantities of SHIB tokens being sent for burning per transaction.

As an analyst, I’ve noticed a significant difference in burn activity between the subject and SHIB over the past couple of days. For instance, the maximum number of SHIB tokens burned in a single transaction within the last 24 hours amounts to 1.99 million. However, this figure is minimal compared to the staggering 169 million SHIB tokens that were burned in a single transaction just two days ago.

What Does This Mean For SHIB Price? Bearish Trend Ahead?

Will the decrease in burn rate lead to a similar fall in Shiba Inu’s price? It’s worth noting that the fluctuations in Shiba Inu’s price appear to correspond with the decline in its activity level. At this moment, Shiba Inu is being traded within a tight band, ranging from $0.00002756 to $0.00002330 over the last seven days.

To begin this week, the Shiba Inu coin (SHIB) showed a bearish trend and has dropped approximately 1.3% over the last 24 hours. At the moment, SHIB is being traded at $0.0000253, having dipped as low as $0.00002436 in the same timeframe. Additionally, the trading volume of SHIB has decreased by around 19.27%, indicating a continuation of the low trading activity trend.

However, the Shiba Inu burn crash doesn’t necessarily spell gloom for the SHIB price. A resurgence in broader crypto activity could cause the return of bullish activity into the meme coin, especially if the Bitcoin price eventually breaks above $100,000.

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2024-11-26 23:11