Shiba Inu began the year on a downward trend, marking an 11% decline in its price over the past week.
Still, rumors point to a significant burning event could trigger a substantial turnaround in its fortunes.
SHIB Price Struggles Despite Token Burn Rumors
Shiba Inu’s dull price movement has persisted despite notable strides like introducing layer 2 Shibarium. Nonetheless, optimism surrounds the possibility of a potential price uptick this month. Rumors of a substantial token burn have spurred this.
The speculation emerged following a post by Ragnar Shib, who suggested “9.25 trillion SHIB can be burned this month.” Crypto enthusiasts believe that such a significant token burn could significantly reduce the supply of SHIB, potentially bolstering its value.
However, the actual burn rate hinges on Shiba Inu’s ecosystem activity. Daily transactions on the network have dwindled, dropping to 5.69 million from a peak average of nearly 8 million recorded in December. And, in the past seven days, only 206.6 million SHIB tokens have been burned, which is far away from meeting the 9.25 trillion per month target.
Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run
Pricing data from BeInCrypto shows that SHIB has witnessed an 11% price decline since the beginning of the year, coupled with nearly a 5% drop in the last 30 days. The recent price performance has caused Shiba Inu to slip out of the top 15 cryptocurrencies by market capitalization, trading at 89% below its all-time high.
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