Shiba Inu Burn Rate Crashes 82% Despite Recovery, Can SHIB Price Still Make It To $0.00008 ATH? 🐕
The Shiba Inu burn rate has seen a dramatic fall of 82%, according to recent data. This decline occurs amidst positive price recovery, questioning the meme coin's ability to reach its 2021 All-Time High (ATH) of $0.00008.
Shibburn tracker revealed a significant drop, with only 81,937,558 SHIB tokens sent to dead wallets. This is a stark contrast to previous high burn periods, which saw upwards of $100,000 in SHIB tokens burned in a single transaction. The burn mechanism reduces supply and could spark bullish price movement.
Despite this slump, SHIB's price has advanced 16.28% in a day, indicating a recovering momentum. Increased whale activity suggests accumulating interest. However, the decline in the burn rate, decreased to notable lows over weeks, challenges SHIB's potential surge to its ATH. A rally requires improved demand, elevated burn rates, and strong sentiment.
Notably, SHIB observed a 63% price increase over a week, riding bullish trends comparable to Dogecoin. At the time of writing, despite new gains, SHIB's daily volume decreased by about 11.23%.
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