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Shiba Inu Coin Burn Rate Slumps
SHIB burn rate declined more than 100% this week, as per burn tracker Shibburn data as of December 14. In the last 24 hours, the burn rate has increased by nearly 425% after a Shiba Inu coin wallet sent 70,605,175 tokens to the burn address, according to Etherscan data.
The Shiba Inu coin community has burned 410.74 trillion tokens from the initial supply. The circulating supply has dropped to 584.01 trillion amid the recent burn rate jump. While the relation between Shiba Inu burn rate and value is complex, the recent rally was supported by a massive increase in SHIB burn. Developer Kaal also burned a significant amount of tokens.
Meanwhile, Shytoshi Kusama has hinted at TREAT token launch and SHIFU coin launch, adding to investor curiosity on the matter.
Shiba Inu On-Chain Data
Shiba Inu coin sentiment for further upside has waned amid a drop in the broader crypto market. This has led to SHIB price fall this week.
The Exchange Netflow Total metric from on-chain data platform CryptoQuant indicates that net deposits on exchanges are high compared to the 7-day average. The deposits on crypto exchanges rose in the last few days, indicating higher selling pressure.
SHIB Price Looks Weak After Recent Selloff?
Shiba Inu price fell more than 2% in the past 24 hours, with the price currently trading at $0.00002755. The 24-hour low and high are $0.00002741 and $0.0000288, respectively. Furthermore, the trading volume has decreased by 13% in the last 24 hours, indicating a decline in interest among traders.
Conclusion
In conclusion, the recent decline in SHIB price can be attributed to a combination of factors, including a drop in sentiment, increased selling pressure, and a decrease in trading volume. The Shiba Inu community has burned a significant amount of tokens, which may have contributed to the recent price fall. However, it is essential to note that the relation between Shiba Inu burn rate and value is complex, and future price movements are difficult to predict.
FAQs
Q: What is the current price of Shiba Inu?
A: The current price of Shiba Inu is $0.00002755.
Q: What is the reason for the recent decline in SHIB price?
A: The recent decline in SHIB price can be attributed to a combination of factors, including a drop in sentiment, increased selling pressure, and a decrease in trading volume.
Q: What is the Shiba Inu burn rate?
A: The Shiba Inu burn rate declined more than 100% this week, with an increase of nearly 425% in the last 24 hours.
Q: What is the current circulating supply of Shiba Inu?
A: The current circulating supply of Shiba Inu is 584.01 trillion tokens.
