of Shiba Inu ($SHIB) The burn rate has completely crashed as the ecosystem has recorded zero activity in the past 24 hours. Sibburna platform that monitors burn activity on the Shiba Inu network, revealed no activity even as prices continued to fall.
Inconsistent burns cause little change in Shiba Inu supply
Of note is zero $SHIB Burning activity occurs only 48 hours after this indicator spiked more than 500% as 10,491,803 $SHIB Sent to a dead wallet. Interestingly, that large write activity was performed in a single transaction, raising expectations that more write activity would follow.
However, just as price fluctuations are common in the crypto sector, the Shiba Inu ecosystem has also seen wild fluctuations.
With no deflationary movement in the past 24 hours, circulating supply remains at 585,412,585,102,123. $SHIB. Approximately 3.83 trillion $SHIB Since it remains staked and not in circulation, the total supply is 589,245,695,882,238. $SHIB.
The lack of burn activity remains a concern for investors, as the ecosystem has always used burn activity as a deflationary tool to stabilize prices. Shiba Inu believes that decreasing circulating supply due to increased burn rates could create scarcity and increase prices.
However, industry insiders point out that this model is flawed. They claim that the combustion mechanism only looks good in principle and has no practical impact on price. $SHIB. This is because there are trillions of Shiba Inus in circulation today, and the amount that is normally incinerated does not affect this number.
Apparently, combustion mechanism It’s just an inconsistent move to create media hype and play with investor sentiment when deflation is almost non-existent.
$SHIB Prices drop due to surge in whale activity
At the time of writing this article, Shiba Inu change It is currently trading at $0.000007042, down 2.45% in the past 24 hours. Even though there were over 10.49 million burn activities in the past. $SHIBthe price maintained its downward trajectory, falling from its daily high of $0.00000736 to the current level.
Shiba Inu trading volume also decreased by 18.28% to $126.25 million during the same period. The bearish outlook for memecoin is likely driven by increased currency inflows. Whales reportedly moved $41 billion $SHIB The move to OKX hot wallets signals increased selling pressure.
Furthermore, Bitcoin, the leading crypto asset, recorded an increase in dominance with a figure of 59.2%. This has put selling pressure on altcoins in general, including Shiba Inu.
