Shiba Inus started the year on a downward trend, with prices down 11% over the past week.
Nonetheless, there are rumors that a major fire event could trigger a significant turnaround for the property.
SHIB Price Struggles Despite Token Burn Rumors
Despite notable progress, such as the introduction of layer 2 Shibarium, Shiba Inu’s dull price movements have persisted. Nonetheless, optimism is high regarding a potential price rise this month. Rumors of a significant token burn sparked this.
The speculation emerged after a post by Ragnar Shib, who suggested that “9.25 trillion SHIB could be burned this month.” Cryptocurrency enthusiasts believe that such a significant token burn could significantly reduce the supply of SHIB, potentially strengthening its value.
However, the actual burning rate will vary depending on the Shiba Inu’s ecological activity. Daily transaction volume on the network fell to 5.69 million from a peak average of 8 million recorded in December. And in the last 7 days, only 206.6 million SHIB tokens were burned, which is still a long way from reaching the monthly target of 9.25 trillion.
Read more: 7 cryptocurrencies you need in your portfolio before the next bull market
Price data from BeInCrypto shows that the price of SHIB has fallen 11% since the beginning of the year and is down nearly 5% over the past 30 days. Recent price performance has taken Shiba Inu out of the top 15 cryptocurrencies by market capitalization, trading 89% below its all-time high.
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