Shiba Inu Coin Burn Rate Plummets; Is SHIB Allure Fading Away?

Shiba Inu Coin News: Shiba Inu (SHIB), the world’s second biggest meme crypto price is trading under increased selling pressure due to increased volatility in the global banking sector. Shiba Inu Price has dropped by a massive 17% over the past 60 days. This decline comes in when the SHIB team announced positive updates related to SHIB metaverse projects.

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Drop In Shiba Inu Burn Rate A Major Concern?

Data depicts that Shiba Inu price has been stagnant over the last 60 days. SHIB has failed to breach the $0.00001183 price level since March 3, 2023. The ongoing price decline has left the SHIBArmy disappointed. This directly reflects in plummeting burn rate.

According to the tracker, Shiba Inu burn rate has dropped by 70% in the last 24 hours. Only One million SHIB has been to a dead wallet in a single transaction. However, the tracker reported just 2.56 million SHIB being burnt on April 29, 2023. While Zero Shiba Inu coin burn was reported on April 27, 2023. Read More Shiba Inu News Here…

The cumulative decline in Shiba inu Coin burn rate mirrors the enthusiasm among the SHIB holders regarding its much anticipated metaverse project. Shiba Inu is trading at an average price of $0.000010, at the press time. Its 24 hour trading volume is down by 20% to stand at $65.5 million. However, it is important to note that SHIB price is up by over 26% on Year to Date (YTD) basis.

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At the same time, Ethereum Whales seems to be confident in holding the Shiba Inu coin amid the price drop. As per the data, the biggest 100 ETH whale wallets are holding around $601 million worth of SHIB. It is the Biggest token position by dollar value by the top 100 Ethereum whales. It makes almost 12% of these wallets’ total holdings.

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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