Shiba Inu (SHIB) has seen a notable increase in its token consumption rate, despite its price drop. According shibburnShiba Inu consumption rate increased by 219.78% in the last 24 hours, and the price recorded a drop within the said time period.
Shiba Inu (SHIB) has seen a notable increase in its token consumption rate, despite its price drop. According shibburnShiba Inu consumption rate increased by 219.78% in the last 24 hours, and the price recorded a drop within the said time period.
In the last 24 hours, a total of 15,573,546 SHIB tokens were burned in nine transactions. Meanwhile, SHIB price has decreased by 1.12% in the last 24 hours to trade at $0.00000888.
Billions of SHIB tokens were burned last January. According to Shibburn, 9,937,949,070 SHIB tokens were burned in January across 269 transactions. This amounted to $88,567, with a monthly consumption rate of up to 61.57%.
The increase in Shiba Inu burns is still a positive sign, but it may not be enough to offset the price drop that SHIB experienced last month; SHIB had ended January down 13.54%.
The Shiba Inu price has been on a downward trend since December 17, 2023, when it reached a high of $0.00001194. The current declines were induced by overall market selling, which caused SHIB to lose the $0.00001 support and consequently add a zero to its price.
Positivity lurks
According to crypto analyst Ali, the TD Sequential indicator, which has proven to be remarkably accurate in predicting Shiba Inu price movements, has issued a buy signal.
This could imply that despite the price drop, SHIB could be gearing up for a rally. Ali urges traders to be vigilant as SHIB could rise to $0.010 or even hit $0.011.
Team Shib member Lucie also expresses positivity about the Shiba Inu ecosystem, revealing details of a meeting with Shiba Inu leader Shytoshi Kusama: “After meeting with Shytoshi Kusama, I can’t reveal much, but I can say one thing.” thing. : The goal is to have everything finished by the end of this year. The entire vision should be completed by 2024/2025. It’s not a promise, but that’s the goal.”
