- \n
- Negative sentiment around Shiba Inu was high, and market indicators looked bearish.<\/span><\/em><\/li>\n
- Nonetheless, Shibarium\u2019s adoption was on the rise as its metrics increased.\u00a0<\/span><\/em><\/li>\n<\/ul>\n
Shiba Inu [SHIB]<\/span><\/a> witnessed a massive spike in its burn rate in the last 24 hours, reflecting its deflationary characteristics. However, despite the meme coin burning a substantial number of tokens, its price action continued to remain bearish during the same period.<\/span><\/p>\n
Shiba Inu is burning fast!<\/b><\/h4>\n
SHIBBURN, a popular Twitter handle that posts updates related to the blockchain\u2019s burn rate, recently posted a tweet revealing that Shiba Inu burned a total of 83,307,739 SHIB tokens in the last 24 hours over four transactions. <\/span><\/p>\n
This massive burn pushed the meme coin\u2019s 24-hour burn rate by more than 900%, which looked impressive. To date, more than 490 trillion SHIB tokens have been<\/span> burned<\/span><\/a>.\u00a0<\/span><\/p>\n
\n
In the past 24 hours, there have been a total of 83,307,739 $SHIB<\/a> tokens burned and 4 transactions. Visit https:\/\/t.co\/t0eRMnyZel<\/a> to view the overall total of #SHIB<\/a> tokens burned, circulating supply, and more. pic.twitter.com\/Ispsod4Clc<\/a><\/p>\n
\u2014 Shibburn (@shibburn) November 30, 2023<\/a><\/p>\n<\/blockquote>\n
Generally, when tokens are burned, the circulating supply of assets drops, creating more demand. This in turn causes a hike in that asset\u2019s price. However, this was not the case with SHIB this time, as its daily chart was red. <\/span><\/p>\n
According to<\/span> CoinMarketCap<\/span><\/a>, SHIB was down by more than 2% in the last 24 hours. At the time of writing, it was trading at $0.000008195 with a market capitalization of over $4.8 billion. <\/span><\/p>\n
AMBCrypto then checked<\/span> SHIB<\/span><\/a>\u2019s metrics to better understand what was not working in the meme coin\u2019s favor. <\/span><\/p>\n
As per our analysis, SHIB\u2019s MVRV ratio dropped over the last week. Its 1-week price volatility also plummeted. Interestingly, while its price registered its latest drop, negative sentiment around the token increased substantially. <\/span><\/p>\n
However, the meme coin continued to remain whales\u2019 favorite. According to<\/span> WhaleStats<\/span><\/a>, SHIB was the most traded token among the top 100 ETH whales in the last 24 hours.<\/span><\/p>\n
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
SHIB\u2019s MACD remained in the bears\u2019 favor. Its Money Flow Index (MFI) also registered a slight downtick. Additionally, its Relative Strength Index (RSI) was resting near the neutral mark, increasing the chances of a continued downtrend in the coming days.<\/span><\/p>\n
- Nonetheless, Shibarium\u2019s adoption was on the rise as its metrics increased.\u00a0<\/span><\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/11\/30145856\/SHIBUSDT_2023-11-30_14-49-47.png\")
<\/a><\/p>\n![\"\"](\"https:\/\/engamb.sfo2.digitaloceanspaces.com\/wp-content\/uploads\/2023\/11\/30150048\/Shibariumscan.io_.png\")
<\/a><\/p>\n