Is Shiba Inu (SHIB) Burn Rate an Effective Catalyst for a Massive Pump ?

• Despite the higher burn rate, SHIB price remains unaffected.
• Over the past day, SHIB has experienced a decline of 2.36%.

Shiba Inu, a meme-inspired cryptocurrency, has managed to retain its widespread appeal in the crypto market.  It started as a joke, but its popularity surged unexpectedly and rapidly. The burn activity of Shiba Inu (SHIB) holds a crucial role in the token’s utility, underscoring its deflationary attributes and exerting a considerable impact on investor sentiment.

Shibburn, the Shiba Inu burn tracking website, reports that the total number of burned tokens has reached over 71 million, reflecting a 1.19% increase in burn rate compared to the previous day. Albeit, Two days prior, the burn rate of SHIB underwent a significant surge, achieving an impressive 150% growth rate. The significant uptick in Shiba Inu’s burn has not translated into a proportional price upswing for the digital asset. SHIB lags, recording losses even as Bitcoin and Ethereum witness a resurgence.

Shiba Inu is currently trading at $0.000007548, with a 24-hour trading volume of $115,846,232. Over the past day, SHIB has experienced a decline of 2.36%. Analyzing the trading movements in the crypto market, SHIB’s RSI is currently at 38.00, suggesting that Shiba Inu is in a neutral state without being overbought or oversold.

Comparing its present price to its all-time high, SHIB has demonstrated one of the poorest performances among cryptocurrencies, witnessing a decline of approximately 91% since its peak in 2021, resulting in widespread losses for investors. 

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