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Daily trade volume of Shiba Inu (SHIB) decreases, approaching recent lows in daily burn rate

Reduced trading volume of Shiba Inu signals decreased market interest

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3 min read
Decreasing trading volume for Shiba Inu suggests reduced consumer interest
Decreasing trading volume for Shiba Inu suggests reduced consumer interest

Daily trade volume of Shiba Inu (SHIB) decreases, approaching recent lows in daily burn rate

Dive into Shiba Inu News on Google News * Shiba Inu Burn Rate Drops by 68%* SHIB Volume Dips as Price Holds Steady

The Shiba Inu team has seen a significant slump in their efforts to burn SHIB tokens, with data from Shibburn revealing that only 62,000,000 SHIB tokens have been torched in the last week, a notable 70% decrease compared to previous highs.

Shiba Inu Burn Rate Drops by 68%

Despite the bullish sentiment lingering among SHIB investors, the dramatically low burns observed in the last few days have sparked concern in the market.

Saudi Arabia's Binance Launch Announced for Boston* Nigeria's SEC Warns Public Over Crypto Scams Olympic Athlete's NFT Collection Skyrockets after Partnering with Crypto.com Cardano's Charles Hoskinson Predicts Mass Adoption Within Decade**With the SHIB burn rate resting at a mere 68% drop, only 62 million tokens have been sent to wallets where they can no longer be spent. This reduction in community-led burn activity is significant, as SHIB has been known for its daily burn of millions of tokens, at times even billions.

This low token burn rate is rare in the recent days.

Reasons for the Decline

  1. Market Skepticism: Investors might be less motivated to participate in burn initiatives due to prevailing market circumstances and economic uncertainty.
  2. Shift in Investor Sentiment: There could be increased speculation among investors who are accumulating tokens in anticipation of a price surge, rather than burning them.
  3. Growing Shibarium: As the Shibarium ecosystem expands, efforts may shift away from burn initiatives and towards promoting DeFi adoption and network utility.

SHIB Price Prediction for May 7

  • Denys Serhiichuk

The cause behind SHIB's low burn activity remains unclear, but the possibility of increased market skepticism and a focus on accumulation in anticipation of a price surge could be contributing factors.

SHIB Volume Dips as Price Holds Steady

While the declining burn rate may suggest poor market performance, SHIB's price has held its ground, cruising through the day with minor fluctuations despite the broader market rally.

According to CoinMarketCap, SHIB has exhibited resilience, registering a 0.25% increase in price over the past day, trading at $0.001264 at press time.

However, the overall trading volume for SHIB has witnessed a 4.02% dip over the last 24 hours, hinting at reduced activity from small and large traders, possibly as a result of market skepticism after recurring price decreases.

With the broader crypto market bouncing back into the green zone over the past couple of days, there is growing optimism among investors for a bullish surge in altcoins, including SHIB.

#Shiba Inu

Extra Insights:

The current decline in the burn rate may pose temporary challenges, but SHIB's price growth is likely influenced by a mix of burn initiatives, ecosystem development, and broader market trends. Though the decreased burn rate could have an impact on long-term scarcity and price appreciation, sustained community efforts or utility improvements could help counteract this. Additionally, the burgeoning Shibarium ecosystem and its growing TVL suggest a positive outlook for SHIB's future value.

  1. The Shiba Inu team's efforts to burn SHIB tokens have witnessed a significant decrease, with only 62,000,000 tokens burned in the last week, a 68% drop compared to previous highs.
  2. This dramatic slump in burn activity has sparked concern among the market, as SHIB has been known for its daily burn of millions of tokens, at times even billions.
  3. The low token burn rate could be due to increased market skepticism and a focus on accumulation in anticipation of a price surge among investors.
  4. Despite the declining burn rate, SHIB's price has shown resilience, with a 0.25% increase over the past day, trading at $0.001264 at press time.
  5. However, the overall trading volume for SHIB has witnessed a 4.02% dip over the last 24 hours, indicating reduced activity from both small and large traders.
  6. With the broader crypto market bouncing back into the green zone, there is growing optimism among investors for a bullish surge in altcoins, including SHIB.
  7. The decreased burn rate could have an impact on long-term scarcity and price appreciation, but sustained community efforts or utility improvements could help counteract this.
  8. The burgeoning Shibarium ecosystem and its growing TVL suggest a positive outlook for SHIB's future value, offering potential opportunities for investors in the crypto finance sector.

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