Shiba Inu has lost two-thirds of its value so far this year. Also, the meme token seems to have lost most of its fans. What next for SHIB? Indeed, there’s one ‘last’ hope. More token investors are burning Shiba Inu tokens. The question lingers, can the alternative token climb towards $0.001?
Pup Blazing
While publishing this content, Shiba Inu struggled to regain its lost spot, suffering another 4% drop (Coinmarketcap data). The alternative token changes hands at $0.0000109. Though the price didn’t worth it, Shiba Inu’s community went all out in burning token supply.
SHIB’s burn rate touched triple-digit, hitting 1,031 at some point. That’s according to ShibaArchives’ tweet. Meanwhile, Shibburn’s official website showed the burning rate hovered at around 800% during this publication. Though the decline, the unprecedented burning rate dominated headlines within the cryptocurrency community.
Remember, burning declines the Shiba Inu supply in circulation. Presuming the crypto’s demand doesn’t drop, continued burning might push the token’s price. Nevertheless, how much burning is essential to trigger price moves?
Also read:Indeed, there is a lot of SHIB burn left before the alt hits its burning epitome. The burned figure has led to a small count of 129.4 million Shiba Inu, equal to $1,430. Nevertheless, investors sent 318.7 million tokens to dead addresses within the previous week.
Moreover, Shiba Inu saw its token-burning campaign (two weeks ago) hitting a new rate high within 48 hours two. The coin burned nearly 200 million tokens. And that soared the burn rate by approximately 3,000%.
WHY?
The question remains, why is SHIB’s price not surging? The surged burn rate did not allow the burn of over 10.4 billion Shiba Inu (equal to $115,000) within the three months. Besides that, net exchange deposits remained higher than the 7d average (CryptoQuant data).
That might reflect increased selling pressure within the market. And that contributed to the price decline. Meanwhile, Bitcoin noted impressive moves within the previous day, gaining 4.78% to reclaim the crucial $20,000 level. While publishing this blog, the world’s largest crypto changed hands at $20,118.78. The altcoin market reacted with price hikes in that timeframe.
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