Recently, the Shiba Inu token, a popular meme coin, set an unusual record by recording zero token burns over the last 24 hours. This sharp decline in burn rate raises concerns amidst price volatility.
Decline of SHIB Burn Rate
According to data from Shibburn, an online platform that tracks burn activities, not a single token was sent to dead wallets within this time frame. This situation raises concern within the community, as token burns are typically used as a deflationary mechanism to limit supply and increase the value of SHIB in the market.
Impact of Whale Activity on the Market
Currently, the price of Shiba Inu stands at $0.00001190, reflecting a 2.65% decline from previous data. Meanwhile, trading volume has risen significantly by 43.92%, reaching $154 million. The activity of large holders of SHIB appears to be decreasing, which could negatively impact prices, as such sell-offs may prolong the token's downturn.
Prospects for Shiba Inu
For the market to regain positive momentum, there is a need for the activation of token burn processes and support from bulls. Otherwise, the token may continue its decline, threatening support levels.
In conclusion, the absence of SHIB burn activity and the current market volatility create a tense atmosphere around this token. Factors affecting price movements require careful analysis to determine future trends.
