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Shiba Inu coin price could fall 50% as Shibarium fees, burn rate crash
The post Shiba Inu coin price could fall 50% as Shibarium fees, burn rate crash appeared on BitcoinEthereumNews.com. Shiba Inu coin price has crashed by over 35% from its December high and faces further downside risks as the burn rate and Shibarium fees continue to decline. Shiba Inu (SHIB) retreated to $0.00002150 on January 6, joining other popular meme coins like Dogecoin (DOGE), Pepe (PEPE), and Fartcoin. According to Shibburn, SHIB’s burn rate has continued to decrease, which could negatively impact the token’s performance in the near term. In the last 24 hours, 8.73 million tokens were burned — a 71% drop from the previous day. A likely reason for this significant drop is the weak performance of the Shibarium ecosystem. Data from ShibariumStats shows that the number of active accounts on the network has fallen to just 1,250, a relatively small figure for a network with high popularity. Additionally, the average transaction fee on Shibarium has declined to 0.00023 BONE, down from December’s peak of 0.00045. As a result, the total BONE spent on gas fees has dropped to 1,715 BONE, equivalent to around $771. Shibarium’s performance is crucial for SHIB’s price because the network plays a key role in token burns. A portion of the BONE fees generated on Shibarium is converted into SHIB and then burned, reducing the token supply. Meanwhile, data from Nansen shows that smart money investors are reducing their exposure to SHIB. The number of smart money addresses holding SHIB has fallen to 25, down from nearly 40 in November. This shift may be due to Shiba Inu’s underperformance compared to other meme coins, prompting investors to pivot to alternatives like Fartcoin and ai16z. Shiba Inu coin price could plunge some more SHIB price chart | Source: crypto.news The daily chart indicates that SHIB’s price could see further declines. The token has fallen from a high of $0.000033 in November to $0.00002150…
The post Shiba Inu coin price could fall 50% as Shibarium fees, burn rate crash appeared on BitcoinEthereumNews.com.
Shiba Inu coin price has crashed by over 35% from its December high and faces further downside risks as the burn rate and Shibarium fees continue to decline. Shiba Inu (SHIB) retreated to $0.00002150 on January 6, joining other popular meme coins like Dogecoin (DOGE), Pepe (PEPE), and Fartcoin. According to Shibburn, SHIB’s burn rate has continued to decrease, which could negatively impact the token’s performance in the near term. In the last 24 hours, 8.73 million tokens were burned — a 71% drop from the previous day. A likely reason for this significant drop is the weak performance of the Shibarium ecosystem. Data from ShibariumStats shows that the number of active accounts on the network has fallen to just 1,250, a relatively small figure for a network with high popularity. Additionally, the average transaction fee on Shibarium has declined to 0.00023 BONE, down from December’s peak of 0.00045. As a result, the total BONE spent on gas fees has dropped to 1,715 BONE, equivalent to around $771. Shibarium’s performance is crucial for SHIB’s price because the network plays a key role in token burns. A portion of the BONE fees generated on Shibarium is converted into SHIB and then burned, reducing the token supply. Meanwhile, data from Nansen shows that smart money investors are reducing their exposure to SHIB. The number of smart money addresses holding SHIB has fallen to 25, down from nearly 40 in November. This shift may be due to Shiba Inu’s underperformance compared to other meme coins, prompting investors to pivot to alternatives like Fartcoin and ai16z. Shiba Inu coin price could plunge some more SHIB price chart | Source: crypto.news The daily chart indicates that SHIB’s price could see further declines. The token has fallen from a high of $0.000033 in November to $0.00002150…
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