Burn rate of Shiba Inu has been moving in line with its poor price performance
Shiba Inu has decreased 7.25% since Sunday and is currently trading at $0.00001413. This decline came after a price increase of more than 24.47% on Friday.
The highest price was $0.00001545. According to a previous U.Today report, the burn activity back then did not significantly grow to accompany the surge and was only about 62%. Only 9 million SHIB were burned back then, though.
Shiba Inu’s burn rate appears to be reflecting the coin’s price performance at the moment because it is 99.13% in the red and only 205,000 meme tokens have been transferred to dead-end wallets.
The Shibarium trifecta—SHIB, BONE, and LEASH—has been added to the list of cryptocurrencies that the Canadian-based FCF Pay crypto payments processor supports. Now, these coins can be added to a virtual debit card (Visa or Mastercard) and used to make purchases online from thousands of shops who accept FCF Pay, along with Bitcoin, Tether, DAI, and other cryptocurrencies.
Shiba Inu can now be used on big sites like Netflix and Amazon, as the business previously announced, which also accept these cards.
Shiba Inus continue to be preferred by Ethereum’s biggest wallet owners. They have spent an astounding $128 million buying this meme currency over the past week, and have just sold it for about $14 million.
According to the on-chain data portal WhaleStats, they currently possess $714,720,760 worth of SHIB in total, or 77.88% of their overall portfolio.
Bulls are still trying to push token upward, despite rise of fear among investors
The meme cryptocurrency, which has completely taken over the market, is still growing in popularity as it exhibits a bullish trend.
The Bid/Ask Imbalance indicator indicates that despite the recent price reversal, the Shiba Inu community is still positive since the volume of bids (buys) is 20% larger than the volume of asks (sells). Shiba Inu’s 67% value surge since the start of the cryptocurrency market reversal supports this upbeat view.
SHIB/USD 4-hour chart | Source: TradingView
Shiba Inu is a decentralized cryptocurrency that runs on the Ethereum blockchain and is well known for its meme culture, which was inspired by Doge. Its exceptional price performance in comparison to other, more “serious” assets can be blamed for the current rise in its popularity.
Other market indicators, such the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), also point to a bullish prognosis for Shiba Inu. This is not just the case with the Bid/Ask Imbalance indicator.
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