Shiba Inu Burn Rate Crashes 82% Despite Recovery, Can SHIB Price Still Make It To $0.00008 ATH?

Share This Post

The Shiba Inu burn rate faces new challenges, as it has recorded a massive 82% decrease. This decline comes amid a period of recovery and positive momentum for the SHIB price, raising questions about whether the meme coin can still achieve its 2021 All-Time High of $0.00008.  

Shiba Inu Burn Rate Plummets

In the last 24 hours, Shiba Inu’s burn rate has crashed by 82.32%. The Shibburn wallet tracker has reported this significant drop, revealing that only 81,937,558 SHIB tokens have been sent to dead blockchain wallets. 

This severe decrease in burn activity contrasts significantly with previous periods when millions of Shiba Inu tokens were burned daily. Shiba Inu achieved a historic feat not too long ago, burning $100,000 worth of SHIB tokens in one transaction.

The SHIB burn mechanism is a procedure that involves sending a portion of tokens to an inaccessible or “dead” wallet to reduce supply, increase scarcity, and potentially trigger a bullish surge in the price of the coin. These burns, recorded by Shibburn, a dedicated burn tracker for the Shiba Inu ecosystem, are primarily driven by the SHIB community

While the drop in Shiba Inu burn rate may be a challenge, this development comes at a surprising time. The SHIB price has been showing signs of recovery this week, bouncing back from previous lows. The Shiba Inu price has surged 16.28% in just one day and appears to be on a continued bullish momentum. Additionally, whale volume has seen a spike, suggesting that investors are accumulating SHIB tokens. 

Despite the recent price recovery and whale activity, Shiba Inu’s rise to $0.00008 could be compromised by its recent decline in burn rates. This decline appears to be severe, as SHIB has not recorded any notable burns over the past week. Shibburn reports that in the last 77 days, burn rates have been down 88%.

For Shiba Inu to surge to its $0.00008 ATH, the cryptocurrency will need to be driven by several bullish factors and positive market sentiment. A combination of heightened market demand, increased burn rates, and strong momentum could catalyze Shiba Inu to its ATH milestone. However, with the burn rate currently down, SHIB’s ongoing growth trajectory to a new ATH is now in question. 

SHIB Price Jumps 63% In One Week

Amidst the low burn rate and broader market conditions, the SHIB price has been on a major upward momentum, recording price gains as it traces the bullish trend experienced by the Dogecoin price. 

CoinMarketCap data reveals that Shiba Inu increased by 63% in the past week and 62.35% in the last month. The meme coin is also trading at $0.000028 as of writing, after recording another surge in its value today. Although Shiba Inu is witnessing new gains, its daily trading volume appears to be mute, decreasing by about 11.23%.

Shiba Inu price chart from Tradingview.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Wall Street Giant Engages Tether on Pivotal Bitcoin Lending Plan

Wall Street powerhouse Cantor Fitzgerald plans to launch a multibillion-dollar lending program using bitcoin as collateral, potentially reshaping crypto-backed financing and deepening ties with

Bitcoin Realized Profit Hits ATH At $443 Million – Local Top Or Continuation?

Bitcoin has surged past the $99,800 mark, setting a new all-time high as it inches closer to the psychological $100,000 barrier While the milestone signals remarkable strength, the price has yet to

JPMorgan Casts Doubt on Elon Musk’s D.O.G.E. Pursuit of Federal Reform

JPMorgan has warned the Elon Musk-led Department of Government Efficiency (DOGE) will face significant hurdles, citing Congress’ control over spending Elon Musk’s DOGE Sparks Debate as JPMorgan

XRP Price Reaches 3-Year High At $1.6 – 2 Ways It Can Go From Here

The XRP price recently surged to a three-year high of $16, marking a significant milestone in the cryptocurrency’s recent bullish rally This remarkable price movement has garnered the attention

From Premiums to Discounts: Bitcoin’s Wild Ride Splits Global Markets

In the past week, the crypto market has been buzzing with action, with bitcoin smashing its way to a new all-time high of $99,800 per coin on Thursday Data reveals an intriguing dynamic during this

XRP Analyst Sets $2 Target If It Holds Key Level – Can It Reach Multi-Year Highs?

XRP has emerged as a standout leader in the recent crypto rally, delivering massive gains and fueling optimism among investors The price has skyrocketed by an astonishing 225% in under three weeks,