š„ SHIB Burn Rate Skyrockets 310%, Yet Price Faces Downward Spiral! Can a Rally be Sparked? šš°
Despite a staggering 310% surge in SHIB's burn rate within the last 24 hours, the price of Shiba Inu experiences a surprising downturn, reflecting the broader weakness in the cryptocurrency market. Let's delve into the details of this unexpected trend.
1. The Market Landscape: Bitcoin and Altcoins in a Downturn
Wednesday morning opens with a weak performance across the cryptocurrency market. Bitcoin faces a 1.4% dip, and Ethereum is down by 2.36%, setting a cautious tone for investors. Shiba Inu, the meme coin, follows suit with a 2.5% slide despite recent developments.
2. SHIB Burn Surge: Shibarium's Impact on Token Burning
Shiba Inu's burn rate witnesses an extraordinary 310% spike, with over 12.46 million SHIB tokens burned in the last 24 hours. This surge is attributed to growing interest in Shibarium, the layer-2 blockchain launched by Shiba Inu last year. Notably, one transaction alone contributed to burning 12.43 million SHIB tokens.
š” Shibarium Growth and SHIB Burn Statistics:
Total SHIB tokens burned to date exceed 410.69 trillion.Last week saw a remarkable 321% jump in burn rate, reflecting the heightened activity in token burning.Coin burning aims to decrease the token's supply, potentially boosting its value.
3. Failed Rally: Price Dips Despite Massive Token Burn
Despite the substantial burn rate, the Shiba Inu price stands at $0.00001063, marking a 2.6% decline in the last 24 hours. This challenges the common belief that token burning typically leads to increased value. SHIB ranks as the 17th largest cryptocurrency, with a market capitalization of $6.26 billion.
šØ Stay Informed, Stay Cautious! Will SHIB Overcome the Dip?
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