SHIB faces collapse in important metric as price drops below $0.00002

The recent data from the Shibburn tracking platform has revealed a significant drop in the burn rate of Shiba Inu, the second largest meme cryptocurrency in terms of market cap. The burn rate has decreased by more than 62% in the past 24 hours, with a total of 93,088 SHIB coins being destroyed. This decline in burn rate has led to a total of 210,439 SHIB tokens being transferred to unspendable wallets, with four burn transfers occurring so far.

Despite the weekly burn outcome showing a positive trend, with almost 400,000,000 SHIB coins being sent to dead addresses, the price of SHIB has experienced a 5.15% plunge today. This has pushed the price of SHIB below the key level of $0.00002. The recent price movements of SHIB have been closely following those of Bitcoin, the world’s leading cryptocurrency, which has also seen a decline in price recently. However, some analysts believe that both Bitcoin and SHIB may soon experience a rise in price.

Whales holding 10 or more Bitcoins have been taking advantage of the recent price drops in both Bitcoin and altcoins, including SHIB, by buying the dip. According to on-chain data from Santiment, these whales now hold a similar amount of BTC as they did two years ago, when Bitcoin’s market value has increased significantly. The data also indicates a strong correlation between the holdings of wallets with 10+ BTC and the overall market value of Bitcoin, suggesting that any potential rise in Bitcoin’s price could also benefit SHIB and the rest of the market.

Overall, the recent decline in SHIB’s burn rate and price movements may be concerning for investors, but there is a potential for a rebound in the near future. With whales accumulating Bitcoin and the overall market sentiment showing optimism, there is a possibility that both Bitcoin and SHIB could see an increase in price soon. As always, it is important for investors to stay informed and keep a close eye on market trends to make informed decisions about their cryptocurrency investments.