The Shiba Inu burn rate faces new challenges amid a corresponding lull in Shiba Inu price. According to data from the Shiba Inu burn tracker Shibburn.comthe number of SHIB tokens burned in the last 24 hours has decreased significantly, raising concerns about the activity around the Shiba Inu and whether Shiba Inu price action, already in decline, could be negatively affected.
Shiba Inu Burn suffers 30% crash
Shiba Inu Burn Rate is one of the core tenets of the SHIB tokenomics strategy, as it aims to reduce supply and increase scarcity over time. However, recent data from Shibburn.com indicates a worrying decline in burn activity. Over the past 24 hours, only 3.378 million SHIB tokens have been removed from circulation via burning. While this figure may seem high at first glance, it actually represents a sharp drop of 30.36% from the previous 24-hour period.
This drop in total tokens burned shows a slowdown in burning activity, especially noticeable compared to the high burning levels recorded just two days ago. A detailed examination of Shibburn.com data shows that this decline is evident not only in the reduction in the total number of burn transactions, but also in the significantly lower quantities of SHIB tokens sent for burning in each transaction.
Additionally, the low burn activity is even more noticeable compared to the SHIB burns from two days ago. For example, the most SHIB tokens burned in a single transaction in the last 24 hours comes out at 1.99 million SHIB tokens. This is nothing compared to the 169 million burned in a single transaction just two days ago.
What does this mean for SHIB price? Downward trend ahead?
The crucial question remains whether the drop in burn rate will result in a corresponding drop in the price of SHIB. Interestingly, SHIB price movements appear to reflect the decline in low activity. At the time of writing, SHIB is trading in a tight range between $0.00002756 and $0.00002330 for the past seven days.
The SHIB price movement started the week on a bearish note and is down around 1.3% in the last 24 hours. Notably, SHIB price is trading at $0.0000253, although it reached a low of $0.00002436 in the last 24 hours. Additionally, SHIB’s trading volume decreased by 19.27% over the past 24 hours, relaying the trend of low activity.
However, the Shiba Inu burns This does not necessarily mean sadness for the SHIB price. A resurgence of broader crypto activity could cause bullish activity to return to the same coin, especially if the price of Bitcoin ends up exceeding $100.000.
Featured image created with Dall.E, chart from Tradingview.com