Shiba Inu’s recent hard fork has significantly increased its token burn rate. This update suggests that SHIB may currently be undervalued despite recent downtrends. SHIB’s burn rate increased by a massive 4430% in the first 24 hours following the update.
On August 9, Shiba Inu’s Shibarium underwent a major hard fork, introducing a new burn mechanism that strengthens its deflationary properties. As part of the update, 70% of the underlying transaction fees are being converted into SHIB tokens and permanently removed from circulation. The remaining 30% is used to support the platform’s maintenance and expansion initiatives. This strategy aims to gradually reduce the SHIB supply, thereby increasing its value in the long term.
Post-hard fork, Shibarium’s transaction metrics have yielded some pretty remarkable results. According to Shibariumscan.io, the Layer 2 solution processed a total of 418 million transactions and collected over 1.8 million unique wallets. Additionally, SHIBBURN data indicated a dramatic 4430% increase in the token’s burn rate in just 24 hours, reflecting the immediate impact of the hard fork.
However, despite the successful implementation of the hard fork, SHIB’s market performance has remained poor, experiencing a 5% drop over the past week. At the time of writing, Shiba Inu is trading at around $0.00001407, making it the 13th largest cryptocurrency by market capitalization of over $8.2 billion.
Analysis of key metrics reveals some interesting trends. According to Glassnode data, SHIB’s Network Value-to-Transaction Ratio (NVT) has dropped significantly over the past two weeks. A low NVT ratio usually indicates that an asset may be undervalued and has potential for price appreciation. At the same time, a decrease in SHIB supply on exchanges has been observed, indicating increasing buying pressure. Although SHIB’s circulation rate has increased, a downward trend in network growth is observed, indicating possible bearish signals.
Shiba Inu’s technical indicators are giving mixed signals. Chaikin Money Flow (CMF) showed a significant increase, which is usually a positive sign. The price may also touch the lower border of the Bollinger Bands, indicating an impending increase. However, the Relative Strength Index (RSI) remains at 36, continuing its downward trend.
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