Shiba Inu (SHIB) Experiences Surge in Token Burns Despite Price Decline
Despite a recent dip in its market value, Shiba Inu (SHIB) has witnessed a significant increase in the token burn rate. In the past 24 hours, the burn rate for Shiba Inu surged by 219.78%, accompanied by a recorded price decrease within the mentioned timeframe.
During the last 24 hours, a total of 15,573,546 SHIB tokens were burned across nine transactions. Simultaneously, the price of SHIB decreased by 1.12% to trade at $0.00000888.
The month of January saw billions of SHIB tokens being burned, with ShibaBurn reporting a total of 9,937,949,070 tokens burned in January through 269 transactions. This amounted to $88.567, signaling a monthly burn rate increase of 61.57%.
While the increase in SHIB token burns is a positive sign, it may not be sufficient to offset the price decline SHIB experienced in the past month, concluding January with a 13.54% decrease.
The downward trend in the price of Shiba Inu has been ongoing since December 17, 2023, when it reached its peak at $0.00001194. The current downturn is attributed to general market selling, leading SHIB to lose support at $0.00001 and consequently adding a zero to its price.
READ MORE Insights from SHIB Developer Meeting and Analyst’s Predictions”
Despite the price drop, positive indicators loom on the horizon. According to cryptocurrency analyst Ali, the TD Sequential indicator, known for its notable accuracy in predicting price movements, suggests that SHIB might be gearing up for an upward trajectory. Traders are cautioned to exercise vigilance, as SHIB could potentially rise to $0.010 or even $0.011.
Lucie, a Shiba Inu team member, also expressed optimism about the Shiba Inu ecosystem. She revealed insights from a meeting with Shiba Inu leader Shytoshi Kusama, stating, “After the meeting with Shytoshi Kusama, I can’t disclose much, but I can say one thing: the goal is to wrap up everything by the end of this year. The entire vision should be completed by 2024/2025. This is not a promise, but this is the goal.”
Important Notice: Disclaimer Regarding Financial Advice
The information presented in this article is intended solely for informational purposes and should not be considered as financial advice. Coinshiba.online disclaims any responsibility for investment decisions made by individuals relying on the information provided herein. It is highly recommended to consult with a qualified professional or financial advisor before making any investment decisions. Your financial well-being is crucial, and seeking expert guidance ensures that your investment choices align with your individual financial goals and risk tolerance.
