- Approximately 34.72 SHIB tokens have been burned in the last 24 hours.
- This comes after the SHIB burn rate was performing well at the start of the week.
- The current market capitalization of SHIB is $5,564,712,360.
Shiba Inu (SHIB) is currently facing a number of dangers. One of these threats is that the SHIB burn rate has decreased by 75% overnight. This comes after the SHIB burn was performing well at the start of the week.
Approximately 34.72 SHIB tokens have been burned in the last 24 hours. Currently, around 41% of SHIB’s circulating supply has been used. The fact that SHIB’s burn rate is falling is a problem because many people believe it is a major driver of the bullish mood in the ShibArmy.
Another concern to SHIB is the decline in its foreign exchange reserves. Investors have acquired over 1.02 trillion SHIB, which is equivalent to approximately $10.6 million. These tokens have all been removed from the SHIB circulating supply.
Read More: Shiba Inu TO PKR: Today’s Shiba Inu to PKR rates on, June 11, 2022
If the SHIB trend reverses, it is possible that over $1 trillion in SHIB coins would flood exchanges. This will enhance the selling pressure, resulting in a price decrease.
The $0.0000095 level of support for SHIB could be key in the price trend. Unfortunately, many analysts anticipate that SHIB will breach this support level and then fall by almost 20%.
SHIB is currently at $0.00001014 following a 3.57 percent dip in price in the previous 24 hours. SHIB’s stock has likewise dropped 6.64 percent in the last seven days.
The current market capitalization of SHIB is $5,564,712,360. The CDoge-killer also had a 24-trading volume of $232.21 million, a 19.12 percent rise from the previous day.
Read More: Whale invests $1,015,728 on SHIB, according to WhaleStats
