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Shiba Inu Burn Rate Crashes 61%, Trading Volume Falls Below $400 Million, Why Are Bearish Indicators Piling Up?
As the global cryptocurrency market continues to grapple with the aftermath of the recent trade war announcement, Shiba Inu has taken a significant hit. The burn rate for SHIB has plummeted by an astonishing 61%, marking a new low for the meme coin.
The price of SHIB is currently trading at around $0.000015, a far cry from its all-time high of $0.000025. The cryptocurrency’s chart on Tradingview.com shows a stark decline in recent days, with no signs of recovery in sight.
Bearish Indicators Piling Up
To make matters worse, the bearish signals are piling up at an alarming rate. The burn rate has fallen to a lowly $400 million, indicating a severe lack of trading volume and momentum. This drastic downturn can be attributed to a combination of factors including decreasing investor confidence and market volatility.
Furthermore, recent data from IntoTheBlock reveals that Shiba Inu is displaying mostly bearish signals. A staggering 57% of SHIB holders have experienced a loss while only 47% recorded gains, further solidifying the bearish trend.
New reports from CoinMarketCap show that SHIB has suffered significant losses over the past few days, with a nearly 20% drop last week and another 5.5% decrease in just 24 hours.
As a result of this downward spiral, ITB has issued a warning flag on Shiba Inu, signaling a potentially dangerous trend for traders and investors alike.
Shiba Inu Fights to Regain Momentum
With the burn rate plummeting by such an extraordinary margin, it seems that the cryptocurrency is running out of steam. The current price action suggests that there may be no immediate turnaround in sight, leaving many wondering whether SHIB will continue its downward trajectory or potentially rebound.
In a shocking turn of events, Shiba Inu’s trading volume has dipped below $400 million, further exacerbating the bearish sentiment.
Source: https://bitcoinist.com/shiba-inu-burn-rate-crashes-61/
