- In recent developments, the burn rate of Shiba Inu (SHIB), the second-largest meme cryptocurrency by market cap, has witnessed a significant drop.
- The decrease in the burn rate correlates with a decline in the price of SHIB, which has slipped below the $0.00002 mark.
- Experts are keenly observing whether the cryptocurrency market, particularly Bitcoin and SHIB, will experience an upward trend soon.
Shiba Inu’s burn rate has sharply decreased, affecting its price level. Will we see a recovery in SHIB and Bitcoin in the near future? Explore the detailed analysis.
SHIB Burn Rate Drops 62%
Recent data from the Shibburn tracking platform reveals that Shiba Inu’s burn rate has plummeted by over 62% in the past 24 hours. This abrupt decline indicates that only 93,088 SHIB tokens have been destroyed during this period, a notable reduction in the overall burn volume. This sharp decrease signifies the slowing pace in which SHIB tokens are being removed from circulation.
Updated Burn Metrics
According to the latest statistics from Shibburn’s website, although the burn rate is down by another 17%, a total of 210,439 SHIB tokens have been transferred to unspendable wallets through four transactions. The largest transactions included burns of 117,351 and 50,000 SHIB. Despite the daily decline, the weekly burn statistics show a more favorable outcome, with nearly 400 million SHIB coins being sent to dead wallets, marking a 743.98% increase.
SHIB Price Plunges Under $0.00002
Following the dip in the burn rate, SHIB’s price has also experienced a downward trajectory, plunging by 5.15% to trade below the psychological threshold of $0.00002. This marks a significant reversal, given that SHIB had managed to recover above this level after a similar plunge on Friday. As of the latest data, Shiba Inu is trading at $0.00001986.
Bitcoin’s Influence on SHIB
The SHIB price drop mirrors the performance of Bitcoin, the leading cryptocurrency, which also saw a decline. Bitcoin’s price fell from $67,000 to $65,216 on Friday, a 2.77% drop, and further slipped to $65,590, marking another 1.75% decrease. Currently, Bitcoin is trading at $65,453. The fluctuation in Bitcoin’s value often sets the trend for altcoins, including SHIB.
Will Bitcoin and SHIB Rise Soon?
Amid these price fluctuations, large Bitcoin holders (whales) appear to be taking advantage of the dip by accumulating more Bitcoin. According to data from Santiment, whales holding 10 or more Bitcoins have significantly increased their holdings, equating to their Bitcoin supply from two years ago. During this period, Bitcoin market value rose by 226%, indicating a potential for recovery.
Market Sentiment and Future Outlook
The correlation between Bitcoin and Shiba Inu suggests that a recovery in Bitcoin could likely bring about a positive trend for SHIB and other altcoins. As whale accumulation typically signals bullish sentiment, market watchers are hopeful for a rebound. Nevertheless, the crypto market’s inherent volatility means that predictions remain speculative, and stakeholders should approach with caution.
Conclusion
The notable drop in Shiba Inu’s burn rate and its corresponding price fall below $0.00002 has sparked concerns among investors. However, the ongoing accumulation of Bitcoin by major holders provides a glimmer of hope for potential market recovery. As always, the closely-knit relationship between Bitcoin and altcoins like SHIB will be a crucial factor in determining future trends. Stakeholders should remain vigilant and informed to navigate these turbulent times effectively.
