- While the burn rate increased, SHIB’s price fell by 3.86%.
A decrease in circulation and social dominance indicated a possible entry for the token.
As an experienced analyst, I have observed the crypto market for quite some time now, and I believe that the recent increase in Shiba Inu [SHIB] token burns could be a positive sign for the memecoin’s price. However, based on historical data, it is not always the case that the token’s value goes up when the burn rate jumps.
Over the past 24 hours, the amount of SHIB tokens eliminated from circulation via Shibburn has surged by approximately 56.16%. Yesterday, this number stood below 40 million tokens and saw a decrease.
The primary goal of Shiba Inu token burn is to decrease the supply in circulation, thereby increasing the value of each SHIB token and helping the coin resist inflationary pressures.
Based on the latest trend, Shib may be able to prevent a further decline. But, it’s important to note that an uptick in the burn rate doesn’t always translate to a increase in token prices.
In some instances, SHIB moves sideways. Other times, the price declines.
SHIB fails to go with the trend
From my perspective as a researcher, at present, SHIB‘s price has experienced a decrease of 3.86%. Simultaneously, during this timeframe, the number of burned tokens has risen, yet its impact on the value of the memecoin appears negligible.
As a researcher, I examined Shiba Inu’s social dominance by assessing the frequency and intensity of conversations surrounding the project in comparison to other top 100 assets.
At press time, on-chain data from Santiment showed that the metric dropped slightly to 0.677%.
The decrease in activity with SHIB could signify that traders are currently focusing their attention elsewhere, potentially overlooking this project momentarily.
As an analyst, I would interpret this situation from my perspective as follows: If we consider the cost aspect, this current position could represent a promising buying chance prior to any significant price surge. However, should the token’s price start climbing, social dominance might also escalate, potentially leading to a fear of missing out (FOMO) scenario.
As a researcher studying the behavior of investors, I’ve come across a phenomenon known as FOMO, or Fear Of Missing Out. This feeling sets in when my focus shifts from one potential investment opportunity to another, which may have already experienced substantial price appreciation.
Those who engage in this might either get burnt by a correction or be left with crumbs of gains.
Price may lay back for a while
As a researcher examining the market trends based on AMBCrypto’s analysis, I wouldn’t anticipate the significant price movement occurring within the upcoming few days. Nonetheless, an increase in purchasing demand might serve as a strong indication of an uptrend.
If this situation holds, Shib may initiate a rally pushing its value beyond $0.000030. Additionally, the daily circulating supply has decreased to approximately 447.71 billion tokens.
Approximately two days prior, the circulation metric surpassed the 1 trillion token mark. Circulation refers to the total count of tokens involved in transactions during a specific timeframe.
As a researcher examining the Shiba Inu (SHIB) cryptocurrency market, I’ve observed that the recent downturn has led to reduced selling pressure. Consequently, this situation could potentially bring some price stability to SHIB.
Realistic or not, here’s SHIB’s market cap in DOGE terms
As an analyst, I would describe a bullish outlook as follows: A decline in SHIB‘s price might set the stage for a persistent upward trend. Consequently, reaching a price point of $0.000030 is a viable possibility.
The number of transactions on the Shiba Inu network has been dwindling recently, which could signal a delay in any potential price surge. Yet, should the number of daily active addresses start to increase once more, it’s likely that the value of SHIB will follow suit.
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2024-05-11 21:12