In the wild world of cryptocurrencies, Shiba Inu (SHIB) has taken a bit of a tumble, being the worst performer in the top 100 over the last 24 hours with a 4% price drop. Ouch!
But hey, let's not be too quick to judge. This popular meme coin has had its moments of glory recently, boasting a whopping 40% price surge over the past two weeks. It even hit a three-month high of $0.00002038 on September 28! But, like all things in crypto, it’s been a rollercoaster and now trades around $0.00001861.
So, what’s behind this recent dip? Well, it seems the excitement around Shibarium, the layer-2 scaling solution, has cooled off a bit. Daily transactions, new accounts, and new contracts on the network have all been on a downward trend since September 27.
Adding to the mix, large transaction volumes (those over $100,000) have taken a nosedive, dropping by more than 50% in the past 24 hours to less than $40 million. Yikes!
And if that wasn’t enough, the Net Network Growth, which measures the true growth of the token’s network, has slipped into bearish territory with a 0.26% decline.
But hold on, don't lose hope just yet! There’s a silver lining. The Shiba Inu burn rate has skyrocketed by about 3,600% in the past week, with over 2 billion tokens sent to a null address. This move aims to reduce the total circulating supply of SHIB, creating scarcity and potentially boosting the value of the remaining tokens. Basic economics, right? Less supply, steady or rising demand, equals a potential price increase.
Since this burning mechanism was adopted, the SHIB team and community have destroyed over 410 trillion tokens, leaving roughly 583.5 trillion in circulation. That’s a lot of zeros!
So, while SHIB might be down today, the burn rate and the community's efforts could hint at brighter days ahead. Stay tuned for more updates on this fiery meme coin!
