Rexas Finance (RXS) Token Hits All-Time Highs as It Outpaces Shiba Inu's Downtrend

Shiba Inu has been in the news recently because its development seems to be fading, such as its burn strategy

Shiba Inu (CRYPTO: SHIB) is known for its massive supply, which has led to the development of a burn strategy to reduce the supply and potentially boost the price.

Shiba Inu (CRYPTO: SHIB) is known for its massive supply, which has led to the development of a burn strategy to reduce the supply and potentially boost the price.

According to data from Shiba Inu Burn, around 97.21% fewer SHIB tokens were burned during the previous 24 hours compared to the day before. A total of 20,888,018 SHIB were burned in the 24-hour period.

Shiba Inu Struggles: Burn Rate Drops 97.21%, Trading Volume Sinks 54.20%—Is the Hype Fading?

The Shiba Inu cryptocurrency is currently trading at $0.00001354, showing a decrease in value. The rate at which Shiba Inu tokens are being burned and the total trading volume have also decreased significantly.

The burning activity, which is usually done by collecting tokens from exchanges and sending them to dead wallets to remove them from circulation, reached its lowest point in the last 24 hours with the burning of 20,888,018 tokens. This marks a 97.21% decline from the previous day's total.

The decrease in trading volume, which measures the amount of tokens exchanged between investors, indicates less interest in buying or selling Shiba Inu. The 24-hour trading volume dropped by 54.20%, according to data from CoinMarketCap.

Meme coins, such as Shiba Inu, are typically prone to extreme price volatility as their value is largely driven by speculative hype rather than fundamental analysis. The SHIB price is also heavily influenced by market sentiment and movements in the cryptocurrency industry.

Shiba Inu has limited practical applications beyond being a meme coin, which might be a factor in the decrease in investor interest. Investors prefer stability in their investment returns, especially in times of macroeconomic uncertainty.

Rexas Finance Hits Final Presale Stage

Rexas Finance Hits Final Presale Stage