Shiba Inu Falls 3% While Burn Rate Surges 816%
On Thursday, Shiba Inu (SHIB) suffered a price drop exceeding 3%, declining to $0.00001212. This is a significant fall from its July peak, marking a 25% decrease overall. Currently positioned at a critical support level,the token risks a powerful bearish breakout.
The plummet came amidst a shockingly high 816% increase in burn rate,due primarily to market-wide developments. Bitcoin adn many altcoins were also in the red as investors awaited the release of non-farm payroll data. However, a higher burn rate doesn’t always equate to price growth. Despite burning over 410 trillion tokens since launch, SHIB still saw its value cut in half.
- The latest burn amounted to 5.3 million tokens, or just $63 in value.
- Shibarium, SHIB’s layer-2 solution, hasn’t contributed much either.
Shibarium’s network fees over the past day totaled just 40 BONE, around $6—an extremely small figure considering SHIB’s total valuation.
Technical analysts believe the situation could worsen. As shown in the SHIB price chart (Source), it sits at $0.00001210, a key point it hasn’t breached as August. Remaining under key moving averages and a descending trendline, another bearish breakout could push it as low as $0.000010—a further 15% fall.
