Shiba Inu Burns Skyrocket Over 900%

Shiba Inu (SHIB), has experienced a staggering 921.31% surge in token burns within the past 24 hours, with approximately 45.16 million tokens destroyed. This massive increase in token burning indicates a significant boost in investor confidence and a concerted effort to reduce the circulating supply of SHIB, potentially driving up its value.

However, despite the record-breaking burn rate, SHIB's price has seen a notable decline in recent hours. Experts attribute this fall to a slowdown in buying activity among both retail and institutional investors. As the market grapples with uncertainty, the Chaikin Money Flow (CMF) for SHIB remains negative, confirming a lack of demand for the altcoin.

To compound the issue, about 21% of SHIB holders currently conducting transactions are profiting from their investments. This suggests that many SHIB holders may be looking to sell their tokens in anticipation of a continued market downtrend. This sell-off could further exacerbate the decline in SHIB's price.

Amid these challenges, SHIB's Shibarium Layer-2 network is preparing for a May 2 upgrade, which could stabilize and potentially bolster the token's price. However, for now, the market remains uncertain, with many investors taking a wait-and-see approach before making their next move.

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