{"id":558270,"date":"2023-10-30T23:00:32","date_gmt":"2023-10-30T23:00:32","guid":{"rendered":"https:\/\/ktsl888.com\/?p=558270"},"modified":"2024-06-11T07:48:09","modified_gmt":"2024-06-11T07:48:09","slug":"shiba-inu-burn-rate-nosedives","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/shiba-inu-coin\/shiba-inu-burn-rate-nosedives\/","title":{"rendered":"Shiba Inu Burn Rate Nosedives Following 7,700% Jump, What Happened?"},"content":{"rendered":"

The Shiba Inu burn initiative continues this week but with a drastic decline in volume. The latest figure which shows a decreased participation from investors could have long-running significant implications for the SHIB price<\/a>.<\/p>\n

SHIB Burn Rate Drops From 7,700% Spike<\/h2>\n

Over the last 24 hours, Shibburn has shown that the SHIB burn rate<\/a> has been less than encouraging. The burn tracker revealed a total of 106.72 million tokens burned in the 23-hour period, which is a significant decline of almost 60% from the prior day\u2019s figures.<\/p>\n

Related Reading: The End Is Near For Trellor (TRB): Crypto Analyst Says Prepare For 50% Drop<\/a><\/div>\n

Now, the interesting thing is not just the fact that the Shiba Inu burn rate plunged but how far it plunged. Coming out of the weekend, the burn tracker had flagged an over 7,700% spike in the burn rate<\/a>, which makes the current deceleration concerning.<\/p>\n

\"Shiba<\/p>\n

Source: Shibburn<\/a><\/pre>\n
There were only a total of five transactions that burned SHIB in the last 24-hour period, with one wallet \u201c0x75d9\u201d doing the majority of the work at this time. The wallet address alone had 100 million tokens, accounting for around 98% of the total burn figure. At the time of writing, there has not been a single Shiba Inu burn transaction in the last 8 hours amid the slowdown.<\/p>\n
However, there has been an uptick on the weekly chart which suggests the current deceleration might be localized to just the 24-hour period. Shibburn shows an increase of 151.4% over the last 7 days, bringing the total burned figure to above 620 million.<\/p>\n
\"Shiba<\/p>\n
SHIB bears tussle with bulls for control | Source: SHIBUSD on Tradingview.com<\/a><\/pre>\n
Shiba Inu Sustains Rally<\/h2>\n
Despite the decline in the burn rate, the Shiba Inu price remains resolved to go the other way. The altcoin\u2019s price<\/a> crossed the $0.000008 mark and bulls have demonstrated a strong hold on the coin. This has resulted in an 11.75% rise in the last day compared to a 9.38% increase in the last week.<\/p>\n
Daily volume for the digital asset is down 14.75% though, so it could mean that this rally is destined to be short-lived. However, if the SHIB price<\/a> can maintain its hold above the 50-day moving average, then it will provide the momentum needed for the rally to continue.<\/p>\n
Related Reading: Crypto Analyst Who Called Bitcoin\u2019s Parabolic Rally Picks Altcoin Set To Pop<\/a><\/div>\n
The recovery is also closely linked to the Bitcoin price recovery<\/a>, which means a drawdown in Bitcoin could also mean a drawdown in the SHIB price<\/a>. So the Bitcoin price<\/a> will be important to keep an eye on to figure out SHIB\u2019s next moves.<\/p>\n
Presently, SHIB<\/a> is trading at $0.00000804. with a market cap of $4.74 billion, it is the 19th-largest cryptocurrency in the space.<\/p>\n
Follow Best Owie on X (formerly Twitter)<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Shiba Inu burn initiative continues this week but with a drastic decline in volume. The latest figure which shows a decreased participation from investors could have long-running significant implications for the SHIB price. SHIB Burn Rate Drops From 7,700% Spike Over the last 24 hours, Shibburn has shown that the SHIB burn rate has been less than encouraging. The burn tracker revealed a total of 106.72 million tokens burned in the 23-hour period, which is a significant decline of almost 60% from the prior day\u2019s figures. Related Reading: The End Is Near For Trellor (TRB): Crypto Analyst Says Prepare For 50% Drop Now, the interesting thing is not just the fact that the Shiba Inu burn rate plunged but how far it plunged. Coming out of the weekend, the burn tracker had flagged an over 7,700% spike in the burn rate, which makes the current deceleration concerning. Source: Shibburn There were only a total of five transactions that burned SHIB in the last 24-hour period, with one wallet \u201c0x75d9\u201d doing the majority of the work at this time. The wallet address alone had 100 million tokens, accounting for around 98% of the total burn figure. At the time of writing, there has not been a single Shiba Inu burn transaction in the last 8 hours amid the slowdown. However, there has been an uptick on the weekly chart which suggests the current deceleration might be localized to just the 24-hour period. Shibburn shows an increase of 151.4% over the last 7 days, bringing the total burned figure to above 620 million. SHIB bears tussle with bulls for control | Source: SHIBUSD on Tradingview.com Shiba Inu Sustains Rally Despite the decline in the burn rate, the Shiba Inu price remains resolved to go the other way. The altcoin\u2019s price crossed the $0.000008 mark and bulls have demonstrated a strong hold on the coin. This has resulted in an 11.75% rise in the last day compared to a 9.38% increase in the last week. Daily volume for the digital asset is down 14.75% though, so it could mean that this rally is destined to be short-lived. However, if the SHIB price can maintain its hold above the 50-day moving average, then it will provide the momentum needed for the rally to continue. Related Reading: Crypto Analyst Who Called Bitcoin\u2019s Parabolic Rally Picks Altcoin Set To Pop The recovery is also closely linked to the Bitcoin price recovery, which means a drawdown in Bitcoin could also mean a drawdown in the SHIB price. So the Bitcoin price will be important to keep an eye on to figure out SHIB\u2019s next moves. Presently, SHIB is trading at $0.00000804. with a market cap of $4.74 billion, it is the 19th-largest cryptocurrency in the space. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":558276,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[428,656,83668,86002,89178,84473,89181,89157,86437,84562,84558],"class_list":["post-558270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-bitcoin","tag-bitcoin-news","tag-shib","tag-shib-burn","tag-shib-news","tag-shib-price","tag-shiba-inu-burn","tag-shiba-inu-news","tag-shiba-inu-price","tag-shibusd","tag-shibusdt"],"acf":[],"yoast_head":"\nShiba Inu Burn Rate Nosedives Following 7,700% Jump, What Happened?<\/title>\n<meta name=\"description\" content=\"The Shiba Inu burn 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. 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