Shiba Inu Burn Rate Reflects a Downward Trend Amid a 5% Price Surge

Vignesh Karunanidhi
Shiba Inu (SHIB) Death Cross Formation Raises Concerns of Sell-Off
Source: Mid-Day

Shiba Inu has been gaining notable attention and is now seen as a competitive player alongside Dogecoin. The SHIB team’s active involvement in various community activities has played a role in boosting Shiba Inu’s market capitalization and has sparked discussions around price predictions.

Recent data from CoinMarketCap reveals that Shiba Inu experienced a nearly 5% surge in the past 24 hours. The second largest meme coin has surged from a low of $0.000009484 to a high of $0.00001011, before falling to its current price of $0.000009929.

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The anticipation surrounding the upcoming launch of Shibarium has significantly contributed to the recent increase in SHIB’s value. Analysts in the market point out that the introduction of Shibarium brings substantial fundamental value to the SHIB ecosystem, introducing fresh elements to its market dynamics and sparking heightened interest among investors.

Shiba Inu burn rate in a continuous downward streak

According to statistics by Shibburn, there has been a decrease of -9% in the Shiba Inu burn rate. This data reveals that within this timeframe, approximately 56.4 million SHIB went to inactive wallets.

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It’s evident that the burn rate for Shiba Inu has shown a consistent downward trajectory in recent weeks. However, market expectations are that the introduction of Shibarium will likely accelerate the burn process.