The price of Shiba Inu (SHIB) has declined over the past week, raising concerns among investors. However, there are signs of potential recovery in the market.
Decline in Burn Rate
The burn mechanism is crucial for controlling the supply of tokens in the Shiba Inu ecosystem. However, the deflationary rate has dropped by 99.32% in the last 24 hours, according to Shibburn data. Only 101,213 SHIB tokens were burned, indicating a lack of active supply reduction among community members.
Price Fluctuations of Shiba Inu
Despite the decline in the burn rate, Shiba Inu has noticeably increased its value. Over the last 24 hours, the price rose from $0.00001151 to $0.00001178, currently stabilizing around $0.00001166 amid market volatility. SHIB's trading volume also dipped by 2.57%, totaling $110.01 million.
Recovery Prospects
Shiba Inu may experience a rebound as bullish trends emerge in the market. CryptoQuant data shows that exchange reserves for Shiba Inu surged to $929 million, possibly indicating growing interest in the meme cryptocurrency. Additionally, an increase in open interest in the futures market suggests SHIB's resilience at maintaining support above $0.000011.
Despite the current decline in burn rate and price drop, Shiba Inu demonstrates signs of recovery. Market participants continue to show interest, which may positively impact its value in the future.
