Blockchain News

SHIB Token’s Burn Rate Surges Over 7,000% in 24 Hours, Price Trending Downwards

Shiba Inu’s (SHIB) burn rate experienced a remarkable surge, skyrocketing over 7,000% within a 24-hour period on July 17th. This spike in the burn rate, after consistent negative values in the preceding days, has raised concerns about its impact on other metrics. However, as of now, the burn rate has returned to negative territory, with approximately 22 million tokens burned. The weekly burn rate remains negative, with around 208 million tokens burned over the past seven days.

Despite the surge in burn rate, an examination of SHIB’s volume metric indicates no significant spike in trading activity. While there were notable spikes between July 13th and 16th, coinciding with increased trading activities of various altcoins, the current volume stands at approximately 87 million, suggesting a lack of significant trading activity.

Intriguingly, a few days ago, a major player in the market made a substantial transaction involving Shiba Inu. Whale Alert reported that a high-net-worth investor transferred over 4 trillion SHIB tokens, equivalent to $32.86 million, on July 14th. The transfer, executed between undisclosed wallets, adds an air of mystery to the transaction.

Analyzing the daily timeframe chart of SHIB, it is evident that the token has experienced losses over the past three trading sessions, with a decline of over 1% at the time of writing. The Moving Average Convergence Divergence (MACD) indicator suggests a weakening trend, while the Relative Strength Index (RSI) confirms the negative trend of SHIB, with the RSI line declining and hovering around the neutral line. If the price continues to decline, it could potentially signal a bearish trend and further downward movement.

While the surge in burn rate and the notable transaction pique interest, the current price trend raises caution for SHIB investors. Monitoring the token’s performance in the coming days will provide valuable insights into its market direction and potential future movements.


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