- Negative sentiment toward Shiba Inus was high, and market indicators looked bearish.
- Nonetheless, Shibarium’s adoption rate increased with increasing metrics.
Shiba Inu (SHIB) Reflecting its deflationary nature, burn rates have spiked significantly over the past 24 hours. However, despite Meme Coin burning a significant number of tokens, its price action continued to remain bearish over the same period.
Shiba Inu is burning fast!
SHIBBURN, a popular Twitter handle that posts updates related to the burn rate of blockchains, recently posted a tweet revealing that Shiba Inu burned a total of 83,307,739 SHIB tokens in the last 24 hours across four transactions.
This large-scale burn increased the 24-hour burn rate of Memecoin by over 900%, which seemed impressive. To date, over 490 trillion SHIB tokens have been issued. burn.
There were a total of 83,307,739 cases in the last 24 hours. $SHIB Token burn and 4 transactions. To see full totals, visit https://t.co/t0eRMnyZel. #SHIB Token burning, supply circulation, etc. pic.twitter.com/Ispsod4Clc
— Shibburn (@shibburn) November 30, 2023
Typically, when a token is burned, the circulating supply of the asset decreases, creating more demand. This causes the price of that asset to rise. However, this was not the case with SHIB. This is because the daily chart was red.
According to CoinMarketCap, SHIB is down 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.
AMBCrypto confirmed. SHIBMetrics to better understand what is not working in favor of meme coins.
Our analysis shows that SHIB’s MVRV ratio has declined over the past week. Price volatility also plummeted during the week. Interestingly, although the token price has recently recorded a downward trend, negative sentiment towards the token has increased significantly.
However, meme coins were still the whales’ favorite coins. According to whale statisticsSHIB was the most traded token among the top 100 ETH whales over the past 24 hours.
Source: Santiment
SHIB’s MACD still favored the bears. The money flow index (MFI) also recorded a slight decline. Additionally, the Relative Strength Index (RSI) is hovering near the neutral line, raising the possibility of a continued downtrend over the next few days.
Source: TradingView
read Shiba Inu (SHIB) price prediction 2023-24
Sybarium is doing this
while SHIBThe price of continued to fall, but the situation was different in Sybarium. This can be seen from the latest data, which shows that the total number of Sybarium wallets has reached 1.2 million.
L2 has processed over 4.2 million transactions and over 1.8 million blocks to date. However, what is interesting is that Sybarium’s daily trading graph has declined since the surge on November 23rd.
Source: Shibariumscan.io