99% Burn Crash Could Spell Trouble For SHIB
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The price action of Shiba Inu in the past 24 hours is characterized by a brief recovery after falling to a low of $0.00001237. This 24-hour price recovery is part of the 15% recovery after Shiba INU Reaching lows On March 11, $0.00001102, the lowest point in more than a year. Despite the slight increase in prices, a slowdown in key INU measurements is likely Threat this price recovery That’s just beginning.
This threat is shown in the Shiba INU burn rate, which accounted for 99.44% of the nose over the past 24 hours.
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Shiba INU burn rate is 99% per day
Shiba Inu’s combustion mechanism has long been considered an important factor in its tokenology, thus reducing supply to create scarcity, which in turn drives value to increase value. However, over the past 24 hours, chain link data showed that the combustion rate of Shib was reduced by 99.44%, a sharp change in the relatively high combustion volume recorded in the previous days.
According to the Shiba INU combustion tracker data What bookIn the past 24 hours, a total of 2,811,819 wipes tokens were sent to burn the address. Although it may look like a lot of tokens at first glance, it actually has no effect on Current market conditions. This also marks a 99.44% drop in over 500 million chip tokens burned in the first 24 hours.
Shiba INU Burning Crash May Cause Trouble by Weak Market Sentiment
The fluctuations in the combustion rate usually have Consistent with fluctuations Amid trading volume and overall market sentiment, the latest collapse has raised doubts about whether investors are still committed to the long-term burning plan. The idea behind the Shiba Inu burning process is that the idea of sending Shib tokens to any of the three dead wallets is that the available supply is reduced by constantly removing Shib tokens from the loop. This in turn makes the remaining token more valuable and helps prevent further declines during market crashes.
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At the time of writing, Shiba Inu is trading at $0.00001285, about 3% in the past 24 hours. The revival of burn rate will be an important factor in Shiba Inu maintaining its recent earnings, and Promote further rehabilitation. A consistent and substantial burn rate will help Shiba Inu have established the local bottom at 0.00001102 and pave the way for a stronger uptrend.
On the other hand, if the combustion rate continues to decline over the next 24 hours, this recovery effort may be weakened and increased Possibility of answers Back to the March 11 low.
Featured images by Gemini Imagen, charts by TradingView
