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Shiba Inu Starts Week on Wrong Foot, Here Are Numbers and What to Expect

Mon, 06/05/2023 - 10:00
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Godfrey Benjamin
Shiba Inu metrics slide, but expectation for recovery remains high
Shiba Inu Starts Week on Wrong Foot, Here Are Numbers and What to Expect
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The week is starting off on the wrong foot for the crypto industry's second largest meme coin, Shiba Inu (SHIB). The meme coin has seen a dramatic reversal in its burn rate, which at the time of writing has slumped by 96.38%, per data from Shibburn. Within this time frame, just about 4.5 million SHIB tokens had been sent to dead wallets over the past 24 hours.

The poor start to the week was also extended to its price action. At the time of writing, SHIB is changing hands at a price of $0.000008538, down by 1.43% over the past 24 hours. The growth rate for the week has also fallen by 2.80% to showcase slowing sentiment for the token in the short term.

While its short term growth outlook appears bleak, Shiba Inu has promising tendencies to correct its current bearish trend owing to some of the innovations currently developing.

The Shibarium protocol is one of the major Layer 2 protocols that is yet to go live on the mainnet; however, the team behind the protocol are working assiduously to ensure the transition from its current Puppynet Testnet to the mainnet takes place as soon as possible.

Shiba Inu Large Transaction Volume Exceeds 1.6 Trillion SHIB as Market Accumulates

Shiba Inu and projected trend reversal

As one of the most volatile digital currencies, there is arguably no growth pattern that will be permanent, as far as Shiba Inu is concerned.

As such, we can expect there to be a recovery in both the burn rate and the price of the meme coin as the week journeys on. We can use the extent of last week's milestones to project what might be this week and, as such, the SHIB burn rate is expected to beat the more than four billion tokens sent to dead wallets last week, as reported by U.Today.

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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.