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Cryptocurrency News Articles
Shiba Inu (SHIB) Burn Rate Plunges to Nearly Zero, Price Action Decoupled
Oct 06, 2024 at 08:14 am
Shiba Inu's burn rate has plunged to nearly zero, and its price is following suit. Despite these negative trends, SHIB remains a topic of interest, leaving investors questioning the factors behind its recent decline.
Shiba Inu's (SHIB) burn rate has nosedived to record lows, while its price has been surging sharply. Despite these contrasting trends, SHIB's status as a topic of interest persists, prompting investors to explore the factors behind its recent price decline.
Shiba Inu Burns Hit All-Time Low
Shiba Inu's burn rate has been dismal, with a meager 2,600,481 SHIB burned in the last 24 hours, according to Shibburn, a platform that tracks SHIB burn transactions. This rate marks a significant decrease of 42.39% from the previous day's burn rate.
Shibburn's records indicate six burn transactions on the network as of this morning. Two large transactions sent one million SHIB and 1,143,510 SHIB to null addresses.
As reported by U.Today, a total of 4,000,000 SHIB were burned and sent to "inferno" wallets on Friday.
Shiba Inu Burn Rates Drop Nearly 100% over Last 7 Days
Regarding weekly burns, the tweet highlighted a nearly 100% drop in the burn rate over the last seven days. Only 26,638,951 SHIB meme coins were burned, a decrease of 98.68% compared to the previous week.
Shibarium's Low Transaction Volume May Impact SHIB Burns
Shiba Inu burns are now closely tied to Shibarium, a Layer-2 blockchain that went live at the end of August last year. However, Shibarium currently has a low volume of daily transactions.
As of October 4th, about 4,550 people joined the network. This marks an increase from the previous day, which saw only 3,800 on-chain transfers.
This metric was notably higher earlier, with 7,500 transactions recorded on October 2nd. The all-time high was 11,230 transactions per day on September 27th.
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- Bitcoin MVRV, CQ Bull & Bear Indicators Show Market Uneasiness
- Oct 06, 2024 at 04:15 pm
- An analyst with username burakkesmeci shares that the Bitcoin market is currently set for key price movements. Based on the MVRV Ratio and CQ Bull & Bear metric, burakkesmeci notes that Bitcoin investors are presently showing a significant level of market anticipation.