🔥 SHIB Burn Rate Skyrockets 310%, Yet Price Faces Downward Spiral! Can a Rally be Sparked? 🚀💰

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.

💡 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.

🚨 Stay Informed, Stay Cautious! Will SHIB Overcome the Dip?

Follow The Blockopedia for Real-time Updates! 🌐📰

#ShibaBurns #ShibaPriceAnalysys #ShibaInuSurge #cryptocurrency #crypto2024