The popular meme currency, Shiba Inu (shib), has suddenly gained popularity. Though its competitor Dogecoin is ahead of Shiba Inu in terms of market capitalization, SHIB is much ahead in terms of development. On the other hand, Shiba Inu has also been the victim of volatility as the currency has been declining.
At the time of reporting, the Shiba Inu is selling at $0.00001111, down 0.44% over the past 24 hours.
Earlier this year, Shiba Inu launched an option to burn SHIB in order to lower the number of SHIB in circulation as this process will make SHIB scarce and interun help in gaining value. However, since the implementation, SHIB burn rate has declined.
SHIB burn rate down
In fact, a Twitter account related to Travis Johnson SHIB Burn Games, Shib Superstore, revealed that SHIB Burn can be done via Amazon purchase. Here the commission from sales made on Amazon will be used to purchase SHIB tokens, which will then be taken out of circulation. Currently, the event has burned approximately 192,169,000 SHIB tokens, which are valued at $2,115.
After the program was launched the SHIB community had high hopes as it would make the currency scarce and increase its price value. However, the result has been opposite as the burn rate has been declining. As per ShibburnIn the last 24hrs, the burn rate has plunged by more than 88%.
Meanwhile, the Direction Movement Index (DMI) is neither bullish nor bearish, making it difficult for investors to know the Shiba Inu’s further price action. If the Shiba Inu price decides to move inside the descending channel, there is a possibility of a downside break below $0.000001000.
