It is no longer news that the global banking sector's volatility has affected the price of cryptocurrencies. So clearly, amidst the storm of price pullbacks, memecoin Shiba Inu (SHIB) remains highly affected among other cryptocurrencies.
The market volatility has resulted in increased selling pressure and has led to the price drop of SHIB by over 25% (in the last 60 days). Unfortunately, this price decline has affected the SHIB holders and investors, popularly known as the "SHIBArmy."
The Shiba Inu team thought that announcing positive updates in relation to the SHIB metaverse project will help cushion the effect and cast a positive image on the coin. However, the decline in price value continues to persist amidst the plummeting burn rate.
Since March 3, when Shiba Inu's price stood at $0.00001184, the price has either fallen or remained stagnant. That is, in the last 60 days, SHIB has failed to reach the price value lastly recorded on March 3.
No doubt, such a poor run will leave investors disappointed— as in the case of SHIBArmy. The disappointment is evident in the plummeting burn rate.
Significantly, this coin's burn rate has dropped by about a 100% in the last 24 hours. Within this period, only one million SHIB was sent to a dead wallet in a single transaction.
On April 29, 2023, the tracker revealed that about 2.56 million SHIB were burnt while zero SHIB were reported on April 27, 2023. Similarly, Crypto Trends tweeted that only 22 million SHIB were burned last week.
However, there are strong indications that the cumulative decline in the Shiba Inu Coin burn rate shows enthusiasm towards the anticipated metaverse project. Therefore, SHIB holders are highly anticipating the metaverse project and have decided to slow down their burn rate.
Ethereum whales seem to be confident about the SHIB coin— amidst the drop in its price value and burn rate. They are therefore holding onto the coin with about 100 of these whales keeping around $601 million worth of SHIB.
On a negative note, investors are concerned about the future prospect of the SHIB coin. They attribute their concerns to Shiba Inu's reliance on the meme culture as it may not be sustainable in the long run.
Similarly, industry players bemoan Shiba Inu's lack of transparency. They said there is no public knowledge about the future of the meme coin and the highly anticipated metaverse project.
Conclusively, the continuous price drop and plummeting burn rate have been a source of concern to investors. More so, the updates on the metaverse project— expected to increase investors' confidence— have failed to gain momentum.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
