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Shiba Inu (SHIB) Growth Markers Plunge to Zero, Should Community Be Worried?

Wed, 05/31/2023 - 11:34
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Godfrey Benjamin
Shiba Inu burn rate slipped by 100% as price also plunges, here's how community concerns can be allayed
Shiba Inu (SHIB) Growth Markers Plunge to Zero, Should Community Be Worried?
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The outlook of Shiba Inu in both the short and long term is gradually becoming of much concern to the community, considering the erratic growth moves in its key performance marker, the burn rate. Per data from Shibburn, the burn rate is pegged at 0, implying that no SHIB token was burnt in the past 24 hours, a 100% plunge compared to the impressive tick it showed yesterday.

Outlook and price impact

The burn rate is one key protocol marker that has remained consistently one to watch out for in the Shiba Inu ecosystem amid uncertainty in price action. At the time of writing, Shiba Inu is down by more than 2.2% as the broader market strives to find a balance. At the current growth rate, Shiba Inu is now changing hands at a price of $0.000008508 atop a market capitalization of $5 billion.

Shiba Inu Daily Chart
SHIB/USD 1D Chart. Source: CoinMarketCap

Shiba Inu has only been able to maintain its stance as the second most capitalized meme coin after Dogecoin (DOGE) because it is considered a legacy asset. Despite positive sentiment surrounding the Shibarium protocol, there has not been much attributable growth on the SHIB token recently.

Shiba Inu is currently down by 1.80% over the trailing seven-day period, while it is down by more than 15% in the past month. With the meme coin's six-month growth in the negative, the year-to-date (YTD) uptick of 2.31% is indicative of retained bullish sentiment stirred by the burn rate and Shibarium protocols.

'Diabolic Burns' of SHIB Take Place as Burn Rate Jumps 666%: Details

Where should allegiance lie

Shiba Inu helped showcase that meme coins can aspire to be much more than just a fund token. Since its inception, the token has pivoted to being used for payments, and the utility it is building through the Shibarium Layer 2 protocol will further push it as a hub enabling various use cases.

The extra value it is adding will likely make investors maintain their allegiance to SHIB despite its poor price outlook.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.