Shiba Inu Token Struggles Amidst Price Decline

Shiba Inu (SHIB) finds itself in a precarious situation as its price experiences a significant drop within the broader digital currency landscape. Presently, Shiba Inu has decreased by 2.37% in a span of 23 hours, reaching $0.00002234. However, this decline is partially offset by the substantial 2,814% increase in the token's burn rate.

Recent data from Shibburn website reveals that a total of 7,912,388 SHIB has been burnt, marking a substantial rise from the approximately 200,000 tokens destroyed just a day prior. Notably, three primary wallets played a crucial role in the surge of the burn rate, collectively contributing over 1 million SHIB each to the inactive wallet.

The largest of these wallets, identified by the address '0x608...9fe80,' was responsible for burning a total of 4,320,587 SHIB. Additionally, wallets '0xc66...650ae' and '0x608...9fe80' added 1,538,128 SHIB and 1,031,814 SHIB respectively. Furthermore, additional smaller SHIB contributions were made to the burn address, resulting in a total of 410,726,546,023,229 SHIB tokens burnt from the initial circulation.

Shiba Inu's price movements are closely tied to the broader digital currency market dynamics. As Bitcoin's price falls below the $68,000 threshold, tokens like Shiba Inu, which exhibit a strong correlation with BTC, face challenges in staging an independent recovery.

Beyond the burn rate factor, Shiba Inu shows some improvement in its core performance indicators. Notably, the daily trading volume has surged by 33.35% in 24 hours, amounting to $624,883,442. Additionally, whale transactions have significantly increased by 438%, with a total of $172.5 million traded overnight. While the fundamentals of Shiba Inu appear positive, the short-term recovery might hinge on the on-chain metrics across various parameters.