Shiba

Burn

when

Shiba Inu

Daily

<p class="p2">The <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-burn-rate-spikes-by-nearly-200-as-price-recovers/">Shiba Inu burn rate</a> has seen another daily increase, which is a welcome development for the community. However, the figures being burned paint another picture, especially when it comes to participation from Shiba Inu holders in the SHIB burning initiative.</p> 
<h2 class="p2" id="shiba-inu-burn-rate-rises-81">Shiba Inu Burn Rate Rises 81%</h2> 
<p class="p2">The Shiba Inu daily burn rate saw a significant uptick, rising an impressive 81% in a single day. While this surge is a positive for the meme coin, the number of tokens burned to cause this surge are far from impressive.</p> 
<p class="p2">According to <a href="https://www.shibburn.com/" rel="nofollow">data</a> from the Shiba Inu burn tracking website Shibburn, a total of 4.64 million <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-burn-rate-surges-over-1400-as-price-recovers/">SHIB tokens were burned in the last day</a>. To put this in perspective, the total value of the tokens burned for the day is around $105.</p> 
<p class="p2">Additionally, given that this constitutes an 81% increase, it means an even smaller amount of tokens were burned the prior day. Shibburn’s records show that the previous day saw a total of 1.9 million tokens burned, which is around $45 worth of coins.</p> 
<p class="p2">This drastic decline in the number of coins being burned on a daily basis suggests muted participation from investors. This could be directly tied to <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-insider-top-5-shibarium-investment-rules/">Shiba Inu’s price</a> struggle over the last few weeks, which has seen investors take a more conservative stance to protect their positions.</p> 
<h2 class="p2" id="shib-price-crashes-21">SHIB Price Crashes 21%</h2> 
<p class="p2">The Shiba Inu burn rate is not the only thing that has been seeing a decline in the last week, its price has also taken a hit. According to <a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="nofollow">data</a> from the token tracking platform Coinmarketcap, the Shiba Inu price is down 15% in the last week alone.</p> 
<p class="p2">As a result of this 15% decline, the <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-price-reach-0-0001/">SHIB price</a> has now dropped to $0.000023, which also represents a 50% drop from its March peak of $0.000044. However, its daily trading volume has seen a bullish reversal, rising 12% in the last day to $645 million. A rise in volume can often signal a return in interest to a cryptocurrency. If this is the case, then the <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-sell-pressure-price/">Shiba Inu price</a> may be headed for a reversal as investors start to place their bets once more.</p> 
<p class="p2">At the time of writing, the <a href="https://www.newsbtc.com/news/shiba-inu-surges-10-open-interest-explodes-on-top-exchanges-is-this-the-comeback/">SHIB price </a>is still trending at $0.0000228, showing small daily gains of 4%. However, despite the negative headwinds the meme coin has experienced, it continues to maintain a market cap above $13.5 billion, which makes it the 11th-largest cryptocurrency in the market, ahead of the likes of Avalanche and Polkadot.</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/ZgIyws8R/" alt="Shiba Inu price chart from Tradingview.com" width="3286" height="1530"></p>

Shiba Inu Burn Rate Sees 81% Daily Increase, But Why Is Participation Low?

Table of Contents

NewsBTC

Other articles published on Apr 20, 2024

Trading Sales Volume For Bitcoin NFTs Jump 26% Today After Bitcoin Halving

Expert Predicts Litecoin (LTC) Price Boom: Eyes Possible 300-400% Surge – Here’s His Outlook

Unveiling the Future: HashBitAI Dapp Enters Final Testing Phase!

Grayscale Set to Launch Bitcoin Mini Trust Fund with Record-low 0.15% Fee

TikTok Ban: US House of Representatives Approves Outlaw Move

Whale Movements Begin in Bitcoin Market?

Join our free newsletter for daily crypto updates!