The Shiba Inu breed’s burn rate is facing fresh challenges in the face of the corresponding stagnation in Shiba Inu prices. According to data from the Shiba Inu burn tracker Shibburn.comthe number of SHIB tokens burned in the last 24 hours has dropped noticeably, which raises concerns about activity around Shiba Inu and whether this could have a negative impact on the Shiba Inu breed’s already failing price action.
Shiba Inu burn has a 30% failure rate
Shiba Inu burning rate is a central tenet of SHIB’s tokenomic strategy as it aims to reduce supply and raise scarcity over time. However, latest data from Shibburn.com indicates a disturbing decrease in burn activity. In the last 24 hours, only 3.378 million SHIB tokens were removed from circulation by burning. While this number may initially seem high, it actually represents a pointed decline of 30.36% compared to the previous 24-hour period.
This decline in the total number of tokens burned indicates a slowdown in burning activity, which is especially noticeable compared to the elevated levels of tokens burned recorded just two days ago. A detailed analysis of data from Shibburn.com shows that this decline is evident not only in the reduced total number of burn transactions, but also in the significantly smaller amounts of SHIB tokens sent for burning in each transaction.
Moreover, the low burning activity is more evident compared to the SHIB burn two days ago. For example, the highest number of SHIB tokens burned in a single transaction in the last 24 hours comes out to 1.99 million SHIB tokens. This pales in comparison to the 169 million people burned in one transaction just two days ago.
What does this mean for the price of SHIB? Is a bear trend coming?
The key question remains whether the decline in burn rate will translate into a corresponding decline in the price of SHIB. Interestingly, SHIB price movements appear to reflect a decline in low activity. At the time of writing, SHIB has traded in a tight range of $0.00002756 to $0.00002330 over the past seven days.
The SHIB price movement started the week on a bearish note and is down about 1.3% in the last 24 hours. Specifically, SHIB is trading at $0.0000253, although it has hit a low of $0.00002436 in the last 24 hours. Moreover, SHIB trading volume has decreased by 19.27% in the last 24 hours, further confirming the low activity trend.
However, the Shiba Inu burning disaster it doesn’t necessarily mean shadowy at SHIB price. A resurgence in broader crypto activity could result in a return to bullish activity for the meme coin, especially if Bitcoin price will eventually break above $100.000.
Featured image created with Dall.E, chart from Tradingview.com
