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The Shiba Inu (SHIB) price has faltered, with the token losing 1.56% in a single day, despite a brief surge in its burn rate, raising concerns among investors.
SHIB Price Falls Amid Bearish Trends
In a titanic war for supremacy, bears have supplanted bulls according to key measures for Shiba Inu (SHIB).
Recent statistics indicate that the token's market value is continuing to decline. A report from U.Today, not only has the number of transactions dropped, but the burn rate, which was skyrocketing just days before, has now touched rock bottom.
SHIB Price Sees 1.56% Daily Decline
Data from CoinMarketCap indicates that the current price of Shiba Inu is $0.0000139. This price point represents a one-day decline of 1.56%.
The value of the coin has also decreased by over 10% in the past week. This bodes poorly for the prospect of a quick recovery in the SHIB price.
Surprisingly, the SHIB burn rate hit 28,145% just 24 hours ago. The destruction of 96,434,994 SHIB tokens occurred in two separate transactions.
SHIB Burn Rate Drops by 89.23% in a Day
Having said that, the burn rate has just dropped, and the market has changed direction. With just 10,387,492 SHIB tokens burned in seven transactions, the SHIB burn rate has decreased by 89.23%, according to Shibburn.
On Shibariumscan, there are approximately 417 million SHIB transactions, 6.5 million blocks, and a five-second average block time. Consistent volatility has characterized the Shiba Inu coin since its price top at the beginning of this year.
These indicators show that market activity among sellers is increasing. Additional price declines for the cryptocurrency might be in store if this pattern keeps up.
High-Value SHIB Transactions Spike 62%
SHIB still has a shot at a swift recovery. But that depends on what happens in its habitat.
It witnessed a dramatic increase in high-value transactions on Friday. There is false optimism about a possible recovery because, according to blockchain analytics company IntoTheBlock, the daily volume of major transactions in SHIB grew by more than 62%.
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