As a researcher with a background in crypto markets and experience tracking the metrics of various digital assets, I find the recent crash in Shiba Inu’s burn rate to be an intriguing development. The decline of 91.94% in the last 24 hours is a significant shift from the high burn rates we saw just days ago.
The bearish trends affecting the crypto market have started to impact Shiba Inu noticeably. One clear indication of this is the sharp decline in the SHIB coin’s burn rate – a metric that measures the amount of coins being destroyed to reduce supply and increase value – over the past few weeks.
Shiba Inu Burn Rate Crashes 91.94%
It’s unexpected: The Shiba Inu burn rate has experienced a notable decrease of approximately 92% within the past day. This revelation highlights the overlooked nature of this indicator and the cautious approach adopted by investors lately.
Based on Shibburn, the official Shiba Inu burn tracking platform, a mere 2.367 million SHIB tokens were torched in the past day. A significant decrease from the 29.5 million tokens burned just the day before. Furthermore, this week’s burn rate data indicates that this dip in enthusiasm is quite new and could potentially be linked to Bitcoin‘s plunge beneath $62,000.
On May 13, Shibburn announced that approximately 20.2 million tokens had been destroyed, marking a significant jump of 94.7% in the token burn rate. The following day, on May 14, an additional 29.5 million tokens were reportedly burned, representing over 110% growth in the burn rate compared to the previous day.
In the past day, just four burn transactions have occurred, with the biggest one involving approximately 1.5 million SHIB being transacted. The most recent burn transaction took place 16 hours prior to this writing. This paucity of burn transactions suggests a diminished level of engagement with the platform.
The decrease in the daily token burn rate has resulted in a relatively small uptick in the weekly token burn rate as shown in Shibburn’s report. Last week’s burn rate stood at approximately $143.35 million, representing a modest 3.59% growth compared to the previous week’s figures.
HOURLY SHIB UPDATE$SHIB Price: $0.00002394 (1hr -0.19% ▼ | 24hr 0.52% ▲ )
Market Cap: $14,085,134,825 (0.70% ▲)
Total Supply: 589,273,603,589,470
TOKENS BURNT
Past 24Hrs: 2,373,041 (-91.92% ▼)
Past 7 Days: 143,350,536 (3.59% ▲)
— Shibburn (@shibburn) May 15, 2024
SHIB Investors Are Still Holding
As an analyst, I’ve observed that when the Shiba Inu (SHIB) burn rate decreases, it typically indicates investors opting to keep their tokens instead of selling them. This trend is often reflected in reduced selling rates. Based on data from Santiment, this pattern has been consistent with SHIB holders limiting their transfers of tokens to exchanges, resulting in a substantial decline in active SHIB deposits.
As a researcher studying the behavior of meme coins like Shiba Inu, I’ve observed an interesting trend. When investors decide to transfer their tokens from their wallets to exchanges, it typically indicates their intention to sell. However, in the current scenario with Shiba Inu, the number of tokens being moved to exchanges has decreased significantly. Instead, investors are keeping their tokens in their wallets, suggesting that they are not eager to sell at this time.
If investors of Shiba Inu are reluctant to sell, this resistance to selling can weaken the market’s push to sell, causing a drop in selling pressure. Once demand exceeds the available supply, prices will eventually bounce back. Should this trend persist among Shiba Inu investors and if the crypto market recovers again, the meme coin could potentially experience another surge in value.
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2024-05-15 21:12