The price of the popular meme coin SHIB has been on the decline for the past five months, so the past few months have not been so good for the Shiba Inu. Much of the problem may be due to the reduction in combustion volume in the market, which has accelerated the recovery of SHIB.
According to Shibburn, the burn rate in the net has increased drastically. The latest data shows SHIB has seen a massive 911% burn increase in the last 24 hours, making it one of the biggest burn increases in the past few weeks.
The main burning address ending in 3963d is the number of coins burned in the last 24 hours, removing more than 5 million meme coins from circulation. shiba inu made the largest contribution to the
How does the meme coin price react?
Unfortunately, the large percentage increase in combustion volume did not have any effect on the market. The Shiba Inu is trading below the local resistance level reflected in the 21-day moving average. Meme coin price performance is a result of the massive influx of funds from the cryptocurrency market and the complete abandonment of retail portfolios in the digital asset industry.
Traders and investors have been selling their holdings fast since the beginning of this year, and high-risk assets like the Shiba Inu became one of the first digital investment vehicles to come out of investors’ wallets.
Koinfinans.com As we reported, at press time, meme coin is trading at $0.000009, below the important psychological threshold of $0.00001. Unfortunately, the amount of SHIB currently burned is not enough to cover the current oversupply, which is constantly dragging the meme coin price down.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.