Shiba Inu (SHIB), the world’s second-biggest meme crypto, has been facing increased selling pressure due to volatility in the global banking sector. The price of crypto has dropped by a massive 17% over the past 60 days, despite the SHIB team announcing positive updates related to SHIB metaverse projects. This decline has left the SHIBArmy disappointed, and the plummeting burn rate has become a major concern.
Shiba Inu (SHIB), the meme-inspired cryptocurrency that took the world by storm earlier this year, is now facing a significant decline in its burn rate. Over the past 60 days, SHIB has been trading under increased selling pressure due to volatility in the global banking sector, leading to a massive 17% drop in price. The decline comes despite the SHIB team announcing positive updates related to SHIB metaverse projects, which has left the SHIBArmy disappointed. The plummeting burn rate has also raised concerns among investors about the future of the cryptocurrency.
Stagnant Shiba Inu Price and Disappointing Burn Rate
Over the last 60 days, Coin’s price has been stagnant, failing to breach the $0.00001183 price level since March 3, 2023. The ongoing price decline has left the SHIBArmy disappointed. This directly reflects in plummeting burn rate.
The Shiba Inu burn rate has dropped by 70% in the last 24 hours, with only one million SHIB sent to a dead wallet in a single transaction. However, the tracker reported just 2.56 million SHIB being burnt on April 29, 2023, while zero Shib coin burn was reported on April 27, 2023. The cumulative decline in Shiba Inu Coin burn rate mirrors the enthusiasm among the SHIB holders regarding its much-anticipated metaverse project.
Ethereum Whales Confident in Holding Shiba Inu Coin Amid Price Drop
Despite the drop in price and burn rate, Ethereum Whales seem confident in holding Shib coin. According to data, the top 100 Ethereum whale wallets are holding around $601 million worth of SHIB, the biggest token position by dollar value by the top 100 Ethereum whales. This makes up almost 12% of these wallets’ total holdings.
At the time of writing, Shiba Inu is trading at an average price of $0.000010, with a 24-hour trading volume down by 20% to stand at $65.5 million. However, it is important to note that SHIB’s price is up by over 26% on a Year to Date (YTD) basis.
Shiba Inu’s Future Prospects
The current price drop in coin has raised concerns among investors about its future prospects. Despite positive updates related to SHIB metaverse projects, Shiba Inu’s price has failed to gain momentum. Some industry observers believe that Shiba Inu’s reliance on the meme culture may not be sustainable in the long run.
Moreover, the lack of transparency regarding Shiba Inu’s core team and their plans for the future has also been a point of concern for investors. The SHIB team’s recent updates related to SHIB metaverse projects have provided some hope for investors, but the plummeting burn rate and stagnant price have raised doubts about the project’s potential for growth.
Conclusion
Shiba Inu’s recent price drop and plummeting burn rate have raised concerns among investors about its future prospects. Despite positive updates related to SHIB metaverse projects, Shiba Inu’s price has failed to gain momentum. The lack of transparency regarding Shiba Inu’s core team and their plans for the future has also been a point of concern for investors. While Ethereum Whales seem confident in holding Shiba Inu coin amid the price drop, the cumulative decline in Shiba Inu Coin burn rate mirrors the enthusiasm among SHIB holders regarding its much-anticipated metaverse project.
Source: https://www.cryptopolitan.com/shib-faded-shiba-inu-burn-rate-takes-a-hit/