79.89% crash occurred within 24 hours: What happened to shiba inu burning?
In a rather unexpected event, Shiba INU (SHIB) combustion rate In just 24 hours, an astonishing 79.89% plummeted. Once considered the cornerstone of volunteer INU Deflation strategy This is the main driver behind the long-term value of meme coins, and now this sharp drop in token burning has triggered serious concerns about what’s behind the sharp drop and its impact on the future price of meme coins.
Shiba INU burn rate suffers sharp decline
Shiba Inu was once popular Combustion mechanism I have recently encountered a huge obstacle, with a burn rate dropping by nearly 80% in just one day. According to Shibburn, a chain analysis platform designed to track token burning in the Shibburn INU ecosystem, only 8,258,774 shib Coins are disuse During this period. This is a sharp drop, and 49 million tokens were incinerated a day ago.
this The combustion rate of shiba inu suddenly dropped As the price of meme coins experiences a sharp drop. It is worth noting that Shiba Inu’s combustion mechanism is an important part of its token model. By sending coins to a dead wallet, Shib Token Follow it forever Large-scale circular supplywhich in turn helps increase scarcity and may increase its price over time.
Unlike projects with protocol-level combustion mechanisms, the combustion process of Shiba INU is mainly Based on community. This means that the recent decline in burn rate may reflect a negative shift in market sentiment.
this Market sentiment declines It may also be attributed to Shiba inu Bland price performance and the failure to maintain meaningful gatherings in recent months. At the time of writing, SHIB trades lower along with many Altcoins, reflecting market uncertainty. According to CoinMarketCap, its price is $0.0000144, down 39.8% from its annual high.
Despite the existence of the community and the optimistic forecasts of analysts, the emotions surrounding Shib seem soft, Conincodex data Emphasize indifference rather than enthusiasm. If the burn rate continues to decline, especially after a 79.89% drop, it may erode confidence in the deflationary narrative of meme coins and future prices.
Currently, Shiben data reports that the total number of wet wipes tokens burned since the establishment of more than 410.7 trillion yuan, with the original maximum supply exceeding more than 999.9 trillion yuan, with the remaining approximately 589.2 trillion yuan.
SHIB price target $0.000035
Despite low prices and burn rate crash, analysts are still View shiba inu with bullish lights. One of the latest price forecasts from market expert “cryptocatalyst” (formerly Twitter) suggestion Shiba INU prices will soon see a huge increase to $0.000035.
Analysts pointed out that Shib showed strong signs of momentum. According to the shared chart, Shib has been forming a clear accumulation base between $0.00007 and $0.000014. The area was previously the launch pad for the 2021 and 2023 Meme Coin explosive rally, and it once again emphasized the power as Shib’s goal is to increase by 147% to $0.000035.
Featured images from Pixabay, charts from TradingView.com
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