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Home Altcoins

Shiba Inu burn rate spikes over 50%: What does it mean for SHIB?

May 11, 2024
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Shiba Inu burn rate spikes over 50%: What does it mean for SHIB?
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  • While the burn rate increased, SHIB’s price fell by 3.86%.
  • A decrease in circulation and social dominance indicated a possible entry for the token.

The number of Shiba Inu [SHIB] tokens burned in the last 24 hours has increased by 56.16%, data from Shibburn showed. A day before this figure decreased, and was less than 40 million tokens.

The major aim of Shiba Inu burning is to increase the value of the tokens in circulation by creating scarcity. This way, SHIB can tackle inflationary pressure.

Therefore, the recent increase suggests that SHIB might avoid another plunge. However, it is not all the time that the token price rises when the burn rate jumps.

In some instances, SHIB moves sideways. Other times, the price declines.

SHIB burned tokens increases

Source: Shibburn

SHIB fails to go with the trend

As of this writing, SHIB’s price has lost 3.86% of its value. This happened within the same period the number of burned tokens increased, indicating a next-to-nothing effect on the memecoin’s value.

However, AMBCrypto checked Shiba Inu’s social dominance to see if there had been any changes. Social dominance measures the rate of discussions about a project when compared to other top 100 assets.

At press time, on-chain data from Santiment showed that the metric dropped slightly to 0.677%.

This decline was a testament to the fact that traders might be overlooking SHIB and concentrating on other projects for now.

From a price perspective, this presents a potential buying opportunity before the price jumps. Should the price of the token begin to rise, social dominance might also increase, and this could be a case of FOMO.

See also  Whales bet on MATIC's rise to $1, should you do the same?

FOMO stands for Fear Of Missing Out. It happens when attention moves to a project after the price must have appreciated by a significant percentage.

Those who engage in this might either get burnt by a correction or be left with crumbs of gains.

SHIB data shows that the token is undervalued

Source: Santiment

Price may lay back for a while

But AMBCrypto does not expect the big move to happen in the next few days. However, a surge in buying pressure could confirm the upswing.

If this is the case, SHIB might begin a race that sets it above $0.000030. Furthermore, the one-day circulation dropped to 447.71 billion.

Two days before that, the metric was over 1 trillion. Circulation measures the number of tokens used in transactions within a given period.

With the decline, SHIB might not have to deal with intense selling pressure. Hence, this could offer some stability for the price.

Activity decreases but SHIB shows a bullish sign

Source: Santiment


Realistic or not, here’s SHIB’s market cap in DOGE terms


In a bullish scenario, the decrease could cause SHIB’s price to go on a steady uptick, meaning the potential move to $0.000030 could be possible.

However, activity on the Shiba Inu network has been decreasing, indicating that the potential rally could take some time. But if the 24-hour active addresses begin to rise again, the price of SHIB might follow.

Next: Bitcoin trader engagement on the rise: A new era for BTC?

READ ALSO

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  • While the burn rate increased, SHIB’s price fell by 3.86%.
  • A decrease in circulation and social dominance indicated a possible entry for the token.

The number of Shiba Inu [SHIB] tokens burned in the last 24 hours has increased by 56.16%, data from Shibburn showed. A day before this figure decreased, and was less than 40 million tokens.

See also  Dogecoin facing dip from $0.09 - Should traders go long or short?

The major aim of Shiba Inu burning is to increase the value of the tokens in circulation by creating scarcity. This way, SHIB can tackle inflationary pressure.

Therefore, the recent increase suggests that SHIB might avoid another plunge. However, it is not all the time that the token price rises when the burn rate jumps.

In some instances, SHIB moves sideways. Other times, the price declines.

SHIB burned tokens increases

Source: Shibburn

SHIB fails to go with the trend

As of this writing, SHIB’s price has lost 3.86% of its value. This happened within the same period the number of burned tokens increased, indicating a next-to-nothing effect on the memecoin’s value.

However, AMBCrypto checked Shiba Inu’s social dominance to see if there had been any changes. Social dominance measures the rate of discussions about a project when compared to other top 100 assets.

At press time, on-chain data from Santiment showed that the metric dropped slightly to 0.677%.

This decline was a testament to the fact that traders might be overlooking SHIB and concentrating on other projects for now.

From a price perspective, this presents a potential buying opportunity before the price jumps. Should the price of the token begin to rise, social dominance might also increase, and this could be a case of FOMO.

FOMO stands for Fear Of Missing Out. It happens when attention moves to a project after the price must have appreciated by a significant percentage.

Those who engage in this might either get burnt by a correction or be left with crumbs of gains.

SHIB data shows that the token is undervalued

Source: Santiment

Price may lay back for a while

But AMBCrypto does not expect the big move to happen in the next few days. However, a surge in buying pressure could confirm the upswing.

See also  Here Are The 3 Crypto Tokens That Earned A Trader $42 Million Profit In One Year

If this is the case, SHIB might begin a race that sets it above $0.000030. Furthermore, the one-day circulation dropped to 447.71 billion.

Two days before that, the metric was over 1 trillion. Circulation measures the number of tokens used in transactions within a given period.

With the decline, SHIB might not have to deal with intense selling pressure. Hence, this could offer some stability for the price.

Activity decreases but SHIB shows a bullish sign

Source: Santiment


Realistic or not, here’s SHIB’s market cap in DOGE terms


In a bullish scenario, the decrease could cause SHIB’s price to go on a steady uptick, meaning the potential move to $0.000030 could be possible.

However, activity on the Shiba Inu network has been decreasing, indicating that the potential rally could take some time. But if the 24-hour active addresses begin to rise again, the price of SHIB might follow.

Next: Bitcoin trader engagement on the rise: A new era for BTC?
Tags: burnInurateSHIBShibaspikes

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

May 6, 2024

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Bitcoin, Ethereum On Exchanges Drop To New Lows, What A Supply Squeeze Would Mean For The Market

Bitcoin, Ethereum On Exchanges Drop To New Lows, What A Supply Squeeze Would Mean For The Market

June 3, 2024
Zettahash on the Horizon: Bitcoin’s Hashrate Nears 1 ZH/s as Miners Face Squeeze

Zettahash on the Horizon: Bitcoin’s Hashrate Nears 1 ZH/s as Miners Face Squeeze

April 9, 2025
VanEck Advisor Observes Recent Shifts in Blockchain Narrative

VanEck Advisor Observes Recent Shifts in Blockchain Narrative

January 15, 2024
Bitcoin Network Sees Second Largest Difficulty Reduction of 2024

Bitcoin Network Sees Second Largest Difficulty Reduction of 2024

July 7, 2024

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