Shiba Inu Burn Rises 2300% Amid Market Corrections, SHIB Price Recovery Seen?
shiba inu, the famous Ethereum-based memecoin, has recorded a massive increase in burn rate from the actions of its community, in a bid to boost optimism amidst the recently witnessed crypto market corrections. The sudden increase in the burn rate of the meme coin after the Shiba crypto community recently transferred nearly 100 million SHIB tokens to a dead wallet has added optimism to the Shiba Inu.
The increase in SHIB’s burn rate came as a very important move today; The price of the meme coin dropped to $0.000026 as a result of the aforementioned market corrections. Reflecting the broader downtrend that came with BTC falling to $66,000, Shiba Inu caught the attention of investors with its on-chain dynamics that pushed SHIB into a bearish trend today.
Shiba Inu Community Burned 105 Million SHIB
According to insights developed by Shibburn, the Shiba crypto community shifted a massive 105.46 million SHIB to a dead wallet today, leading to a 2307.19% rise. This precaution put the Shiba Inu in an optimistic mood; as the meme coin community has showcased its efforts to prevent SHIB from suffering a significant decline amidst the recently witnessed market corrections.
As mentioned above, Shiba Inu has already dropped to $0.000026 today. However, the community’s aforementioned effort aims to mitigate the Shiba Inu’s decline by fragmenting the token supply. This has sparked significant investor excitement as the community continues its intense efforts to upgrade SHIB’s tokenomics.
However, on-chain metrics and technical indicators masked the token’s mixed sentiment in the market.
Also Read: Selling in Crypto Market: Experts Explain Why BTC, ETH, XRP and Other Altcoins Dropped Suddenly
Shiba Inu Price Summary
The Shiba Inu token has recorded a huge decline of 9.77% as of the time of writing, reaching $0.000026. This decline in the Meme token comes after a consolidation phase witnessed over the last few days, indicating a bearish win on the token.
On-chain data highlighted by Coinglass has revealed significant SHIB liquidations in the last 24 hours, in line with SHIB’s previously predicted decline.
Technical indicators for Shiba Inu also revealed the prevailing selling sentiment in the market, with the RSI hovering around 46. This signaled a neutral market sentiment, with the asset’s overall condition being neither overbought nor oversold, although the current momentum is bearish.
Collectively, this introduced short-term volatility for the token as a bullish or bearish trend could occur in the long run. Meanwhile, in accordance with the law of supply and demand, if the Shiba Inu’s fervent efforts continue to increase, a supported price movement will remain imminent as supply is constantly taking a hit.
Also Read: Binance Lists Ethena (ENA) Among Products, Here’s How to Buy the Token.
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