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The Shiba Inu cryptocurrency experienced a 466% surge in weekly burns, yet its price plummeted by 22% today.
Shiba Inu Burn Rate Surges
There has been a stunning 466% growth in the number of weekly burns for Shiba Inu, while the price of this breed has decreased by 22% during the same time period.
There was a 466.83% increase in the weekly burn rate, as indicated by @shibburn, which reported that 364,382,742 SHIB tokens were burned over the course of the past seven days.
It appears that there has been a coordinated attempt within the community to increase the coin's scarcity in preparation for a possible increase in price, as evidenced by the 466% increase in burns.
Unexpected Price Drop
But the reality has been just the contrary of what was expected. In spite of the high burn rate, the price of SHIB has dropped significantly, exhibiting a decline of 22% over the course of the preceding week. There are a number of potential explanations for this price reduction, some of which include the general conditions of the market, the emotions of investors, and the activity of investors who are seeking to maximize their profits.
According to U.Today, ever since the beginning of the week, the cryptocurrency market has been experiencing heightened volatility, and a great number of coins are currently suffering downward pressure.
Market Volatility Continues
Since reaching its highest point on July 3, when it was $0.0000173, the price of SHIB has been slowly falling, and if today's trading session ends in the negative, it will be the third consecutive day that it has lost money. After reaching a low of $0.00001266, the price of SHIB had dropped 9.39% in the previous twenty-four hours, reaching $0.00001384 at the time of this writing. The token has made a weekly loss of 22%.
In order to obtain the most recent information regarding the Federal Reserve's policy stance, investors are waiting for the United States jobs numbers to be released later on Friday. Recent weak economic indicators have strengthened the argument that the Federal Reserve should relax monetary policy in the coming months.
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