Shiba Inu (a cryptocurrency spun off of Dogecoin with dog-themed themes) is counting on large token burning rates in order to stop its fall.
- In the past 24 hours, more than 45 million SHIB tokens have been burned
- In that same time period, Shiba Inu also failed to raise its trading price
- Analysts think the asset might “die” by the end of 2023
Yet, the DestroySHIB lost nearly 410 trillion in its crypto supply, and continues to paint its charts with crimson.
In the past 24 hours, more than 45 million Shiba Inu tokens were destroyed. That accounted for an impressive 1,860% spike in the asset’s burn activity.
However, this did not help altcoin because its price fell during that time. Based on data from Tracking, this asset traded at $0.00000997 as of the writing. Coingecko. It’s been down by 4.3% for the past week and 11.4% over the last 30 days.
The crypto’s community pinned their hopes on reducing its supply to stop it from experiencing another decline. That did not happen and investors are now cautioned to pay attention to SHIB’s metrics to know where the novelty digital coin is headed right now.
SHIB’s Next Days: What Are You Waiting For?
Although Shiba Inu traders continue to buy it, they don’t hold the asset long. They trade instead.
This is reflected in the crypto’s Accumulation and Distribution Line (ADL) which stood at 97.95 trillion. Altcoin has been able to create the critical $0.00000994 by establishing this level. Support marker.
More bad news for holders as SHIB’s Directional Movement Index (DMI) hints at its apparent fall to bears once again.
Moreover, the virtual currency’s Average Directional Index (ADI) at 23.58. Investors would be in an extremely difficult place if this number rises over the coming days.
Predictions for Shiba inu are being made from CoincodexIt is revealed that the currency will trade at the current price for five more days. However, it will soon fall to $0.00000556 thirty days later.
Shiba Inu could be gone next year
Experts predict that SHIB as a cryptocurrency will be able to surpass Bitcoin in the future. dieThis could prove to be the case by 2023, and there are good reasons for it.
For one, at present, there is no viable utility for the crypto asset and because of that, network activity and development won’t come as often as investors would want to.
Altcoin’s supply inflation rate is 7.93%. The circulating supply of coins is almost 1 quadrillion. However, the number of coins that can be traded are extremely limited.
Furthermore, the burn mechanics that was thought to help in initiating price rallies for SHIB failed to meet the expectations of the asset’s community.
Investors must keep a close watch of Shiba Inu as it might be closing in on being a “dead” cryptocurrency.
SHIB's total market cap is $5.46B on the daily chart. Image courtesy of Coopers Fire. Chart courtesy TradingView.com| Featured image from Coopers Fire, Chart: TradingView.com Disclaimer: This analysis is the author's opinion and should not necessarily be considered investment advice.