Investor Burns 20M SHIB, Price Still Declining
The Most Important Points at a Glance
An anonymous investor has burned 20 million Shiba Inu (SHIB) tokens. This measure reduces the supply and could influence the price in the long term. However, the price remains volatile and shows no immediate recovery. Market sentiment and trading volume play a greater role in price development than token burning alone.
20 Million SHIB Burned – What Does It Mean?
The on-chain data provider Shibburn reported a transaction in which 20 million SHIB were removed from circulation. In total, 20.79 million SHIB were burned that day, increasing the daily burn rate by 34.24%.
Token burning is a key component of the Shiba Inu token economy. By removing coins from circulation, a deflationary effect is intended, which could lead to a price increase in the long run. However, the total supply of SHIB remains enormous at 589.25 trillion tokens, limiting the impact of individual burns.
Why Isn’t the SHIB Price Rising?
Despite regular token burns, the price of SHIB remains under pressure. Since its peak after the U.S. elections at $0.00003340, the price has fallen by 60%.
An example illustrates the limited impact of burns: On February 23, 40.45 million SHIB were burned. Nevertheless, the price dropped by 11% the next day, coinciding with a 4.5% decline in Bitcoin (BTC).
Impact of Market Sentiment and Trading Volume
Besides token burning, market sentiment and trading volume are the primary factors influencing the SHIB price. Currently, social volume – the number of mentions on social media – is at a three-month low. Such a decline often indicates waning interest, making a price rally more difficult.
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Trading volume has also seen a significant drop. While SHIB reached a trading volume of over $4 billion during the election hype, it has now fallen to just $311.44 million. Low trading activity means less buying pressure, making price recovery more challenging.
Our Assessment
Burning SHIB tokens alone is not enough to sustainably increase the price. The enormous total supply of tokens and declining market interest limit the impact of individual burns. A recovery in the SHIB price depends on rising demand, higher trading volumes, and positive market sentiment. As long as these factors are absent, the price remains vulnerable to further declines.
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