Altcoins

SHIB Burn Rate Drop More Than 88%, Shiba Inu Price To Lose Its Bullish Momentum

Published by
Delma Wilson

The popular meme currency, Shiba Inu (shib), has suddenly gained popularity. Though its competitor Dogecoin is ahead of Shiba Inu in terms of market capitalization, SHIB is much ahead in terms of development. On the other hand, Shiba Inu has also been the victim of volatility as the currency has been declining.

At the time of reporting, Shiba Inu is selling at $0.00001111 with a fall of 0.44% over the last 24hrs.

Earlier this year, Shiba Inu launched an option to burn SHIB in order to lower the number of SHIB in circulation as this process will make SHIB scarce and interun help in gaining value. However, since the implementation, SHIB burn rate has declined.

Decline In SHIB Burn Rate

In Fact the Shib Superstore, a Twitter account related to Travis Johnson SHIB burn games, revealed that SHIB can be burnt via amazon purchases. Here the commission that is received from sales made on Amazon will be spent to purchase SHIB tokens which will be then pulled out of the circulation. At present, this program has burnt nearly 192,169,000 SHIB tokens which is valued at $2,115.

After the program was launched the SHIB community had high hopes as it would make the currency scarce and increase its price value. However, the result has been opposite as the burn rate has been declining. As per ShibburnIn the last 24hrs, the burn rate has plunged by more than 88%.

Meanwhile, the Direction Movement Index (DMI) is neither bullish nor bearish which makes it difficult for investors to know Shiba Inu’s further price action. If the Shiba Inu price decides to move within the declining channel, the price might fall below $0.00001000.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

Recent Posts

Binance CEO CZ and SBF Drop Truth Bombs Amid Their Twitter Spat, Here Are The Latest Developments

The feud between Binance CEO CZ and Sam Bankman-Fried continued after CZ accused SBF of…

December 9, 2022

47% of Bitcoin Owners’ Gains From the Peak Bull run Now Erased

While Bitcoin is attempting to recover its losses after the recent FTX meltdown, data indicate…

December 9, 2022

Bitcoin (BTC) Whales Continue To Sell Their Holdings- What’s Going On?

Bitcoin's price has been trading above $17,000 since the early hours of the day and…

December 9, 2022

Controversy Brewing? Coinbase Urges Users To Switch To USDC from USDT!

Recently, there has been a significant amount of worry over the credibility of Tether (USDT).…

December 9, 2022

Altcoins to Lookout For, Amid the Low Volatile Market Conditions

Altcoins in recent times have been more robust compared to that the star crypto Bitcoin…

December 9, 2022

Is Cardano Independant of Bitcoin? What Should Investors Expect from ADA Price in 2023?

The bearish action in the cryptocurrency market appears to have eased, but Cardano's price remains…

December 9, 2022