- SHIB price dropped 14.48% from $0.00002023 to $0.0000173, a three-month low.
- Despite the decline in Shiba Inu’s price, its burn rate has surged by 12,842%.
Amidst the recent downturn in the crypto market, Shiba Inu (SHIB) has displayed significant price swings, sinking approximately 14.48% over the last 24 hours to hit a three-month low of $0.0000173, a level not seen since March. This decline reflects broader market movements worsening SHIB’s downtrend.
Instead of efforts to stabilize, SHIB’s price has declined by 19% over the past week and 27% over the past month, currently trading at $0.00001823. Despite recent setbacks, the memecoin’s market cap stands at $10.73 billion, highlighting its solid presence in the crypto sphere. Additionally, the daily trading volume of Shiba Inu increased by about 156% in a day to $596 million.
Shiba Inu Burn Rate on the Rise
In an unexpected turn, SHIB has seen a dramatic increase in its burn rate, soaring by 12842% in the past day alone. According to the Shibburn tracker, approximately 12,047,795 SHIB tokens have been burned in the last 24 hours.
While this burn rate spike offers a glimmer of supply-side control, it has yet to halt the coin’s downward momentum. Compounding SHIB’s woes, it has struggled to maintain crucial support levels, edging closer to critical support of $0.0000165. The failure to recover swiftly could expose SHIB to further selling pressure, potentially deepening its losses in the near term.
Following the pullback in the world’s leading cryptocurrency, Bitcoin (BTC), which lost 2.77% on Tuesday, dropping from $67,000 to $64,597, Shiba Inu follows in the same vein. At press time, Bitcoin is trading at $65,696.
Adding to the market’s complexity, over the past 24 hours, SHIB has seen long liquidations totaling 22.81 million, significantly surpassing daily averages. This uptick in liquidations heightened volatility and risk aversion currently prevailing in SHIB’s trading environment.
