• Login
Crypto Newsmart
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
No Result
View All Result
Crypto Newsmart
No Result
View All Result

Shiba Inu Burn Rate Has Just Spiked By An Impressive 1,860%

in Crypto Exchanges, Crypto Price Analysis
Reading Time: 3 mins read
Shiba Inu Burn Rate Has Just Spiked By An Impressive 1,860%
15
VIEWS
Share on Facebook

Shiba Inu, a cryptocurrency that is a spin-off of dog-themed crypto Dogecoin, is counting on massive token burning rates to stop its decline.

  • Over the last 24 hours, over 45 million SHIB Tokens were burned
  • During the same time frame, Shiba Inu failed to increase its trading price
  • Analysts think the asset might “die” by the end of 2023

But despite the destruction of around 410 trillion of its supply since its introduction to the crypto space, SHIB failed to make any kind of rally as it continues to paint its charts in crimson.

Over the last 24 hours, there were over 45 million Shiba Inu tokens that were burned. That accounted for an impressive 1,860% spike in the asset’s burn activity.

This, however, failed to help the altcoin as it is price dropped during the same time period. At the time of this writing, the asset was trading at $0.00000997, based on tracking from Coingecko. It’s been down by 4.3% for the past week and 11.4% over the last 30 days.

The crypto’s community pinned their hopes on reducing its supply to stop it from experiencing another decline. That did not happen and investors are now cautioned to pay attention to SHIB’s metrics to know where the novelty digital coin is headed right now.

What Awaits SHIB In The Next Coming Days

While traders are still buying Shiba Inu, they are not holding the asset for long. Instead, they are using it to trade.

Source: TradingView

This is reflected in the crypto’s Accumulation and Distribution Line (ADL) which stood at 97.95 trillion. This level has helped the altcoin to establish the crucial $0.00000994 support marker.

More bad news for holders as SHIB’s Directional Movement Index (DMI) hints at its apparent fall to bears once again.

Moreover, the virtual currency’s Average Directional Index (ADI) at 23.58. If this number goes up over the next few days, it would put investors in a very difficult position to gain even just short-term profit.

Meanwhile, prediction for Shiba Inu from Coincodex reveals the cryptocurrency will maintain its current trading price over the next five days but will eventually decline to $0.00000556 30 days from now.

Shiba Inu Could Be Gone Next Year?

Some experts are predicting that SHIB, as a cryptocurrency, will die by the end of 2023 and there are very good reasons this might prove true.

For one, at present, there is no viable utility for the crypto asset and because of that, network activity and development won’t come as often as investors would want to.

The altcoin is also experiencing high supply inflation rate at 7.93%. Despite having a circulating supply that is close to 1 quadrillion, coins available for trading are very limited.

Furthermore, the burn mechanics that was thought to help in initiating price rallies for SHIB failed to meet the expectations of the asset’s community.

Investors must keep a close watch of Shiba Inu as it might be closing in on being a “dead” cryptocurrency.

2jGODYe9

SHIB total market cap at $5.46 billion on the daily chart | Featured image from Coopers Fire, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Source link

 

Best Crypto Exchanges Of 2022


  • Trending
  • Comments
  • Latest
SHAmory Announces Satoshi Plush That Will Support The Built With Bitcoin Foundation

SHAmory Announces Satoshi Plush That Will Support The Built With Bitcoin Foundation

24 March 2023
New Feature Enables Nigerian Metamask Wallet Users to Buy Crypto Assets Within the App – Wallets Bitcoin News

New Feature Enables Nigerian Metamask Wallet Users to Buy Crypto Assets Within the App – Wallets Bitcoin News

23 March 2023
Federal Reserve Hikes Rates Up by 25 Basis Points Despite Banking Turmoil

Federal Reserve Hikes Rates Up by 25 Basis Points Despite Banking Turmoil

23 March 2023
Nexon picks Polygon Supernets for “MapleStory Universe” and NFT ecosystem expansion

Nexon picks Polygon Supernets for “MapleStory Universe” and NFT ecosystem expansion

23 March 2023
TRX, HT, BTT Crashed After SEC Accused Justin Sun of Securities Fraud

TRX, HT, BTT Crashed After SEC Accused Justin Sun of Securities Fraud

23 March 2023
FTX Founder SBF Faces Scandal for Bribing $40 Million to Chinese Officials to Unfreeze Alameda’s Crypto Accounts

FTX Founder SBF Faces Scandal for Bribing $40 Million to Chinese Officials to Unfreeze Alameda’s Crypto Accounts

28 March 2023
CFTC Crypto Assessment In Binance Case Not Exciting

CFTC Crypto Assessment In Binance Case Not Exciting

28 March 2023
Binance saw $850M withdrawal prior to CFTC indictment: Data

Binance saw $850M withdrawal prior to CFTC indictment: Data

28 March 2023
Yuga Labs to Launch Art Collection on Bitcoin

Yuga Labs to Launch Art Collection on Bitcoin

27 March 2023
Allocation Update Q3 2022 | Ethereum Foundation Blog

Allocation Update Q3 2022 | Ethereum Foundation Blog

27 March 2023

  • Home
  • Disclaimer
  • Privacy Policy
  • Digital Millennium Copyright Act Policy (DMCA)
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us
CRYPTO NEWSMART

Copyright © 2021 Crypto Newsmart.

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE

Copyright © 2021 Crypto Newsmart.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Manage Cookie Consent

We use cookies to optimise our website and our service.

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
Preferences
{title} {title} {title}