Shiba Inu Burn Rate Turns Negative Despite Promising Developments

• There has been just one transaction of one million SHIB to a dead wallet.
• On April 27, 2023, it was announced that no Shiba Inu coins had been burned.

The rising uncertainty in the global financial sector has resulted in heightened selling pressure on Shiba Inu (SHIB), the world’s second-largest meme crypto price. In only 60 days, the price of a Shiba Inu has reduced by 17 percent. This drop occurred despite the SHIB team sharing promising developments about SHIB metaverse initiatives.

According to the numbers, the price of a Shiba Inu hasn’t changed much over the last month. Since March 3, 2023, the price of SHIB has been unable to go above $0.00001183. The SHIBArmy is disheartened by the continuing price consolidation. The rate of burn is reduced as a direct result of this.

Declining Momentum

The monitor shows that Shiba Inu’s burn rate has decreased by 61% during the last day as per Shibburn. There has been just one transaction of one million SHIB to a dead wallet. On April 29, 2023, the monitor only showed 2.56 million SHIB being burned. On April 27, 2023, it was announced that no Shiba Inu coins had been burned.

Source: Shibburn

Shiba Inu holders’ positive attitude about the upcoming metaverse project is not reflected in the coin’s declining burn rate. At the time of publication, the going price for Shiba Inu was around $0.00001028 as per CMC.

Ethereum Whales, on the other hand, are unfazed by the decline in price and are continuing to retain their Shiba Inu coins. According to the statistics, the top 100 ETH whale wallets together own almost $601 million in SHIB.

In terms of USD, the top 100 “whales” on Ethereum own the largest holding in this cryptocurrency. Almost 12% of the total value of these wallets is made up of this.