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SHIB Collapses in Key Metric Amid Price Slumping Below $0.00002

Published 06/17/2024, 09:42 AM
Updated 06/17/2024, 02:00 PM
SHIB Collapses in Key Metric Amid Price Slumping Below $0.00002
BTC/USD
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SHIB/USD
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U.Today - According to a recent tweet published by the Shibburn tracking platform, the burn rate of the second largest meme cryptocurrency in terms of market cap has taken a deep plunge.

This has coincided with the SHIB price going below the $0.00002 level today.

SHIB burn rate drops 62%

The above-mentioned data source has stated that within the last 24 hours, the burn rate of Shiba Inu has taken a drastic decline of more than 62%. With this metric value going negative, the total amount of the destroyed meme coins equals 93,088 SHIB.

Updated info from the tracker’s website has shown little progress, with the burn rate down 17% and a total of 210,439 SHIB transferred to unspendable wallets. There have been four burn transfers so far, with the largest ones worth 117,351 and 50,000 SHIB.

The weekly burn outcome is much better, though, as almost 400,000,000 SHIB coins have been sent to dead addresses. This signifies a rise of 743.98% in this metric.

SHIB price plunges under $0.00002

In the meantime, SHIB has staged a 5.15% plunge today and was pushed below the important psychological level of $0.00002. On Friday, the meme cryptocurrency saw a similar rapid decline, but on the same day it managed to recover above the $0.00002 line. As of this writing, Shiba Inu is trading at $0.00001986.

Both price pullbacks were made following the world’s leading cryptocurrency, Bitcoin, as it lost 2.77% on Friday, dropping from $67,000 to $65,216, and then again today as BTC declined from $66,740 to the $65,590 price tag, losing 1.75%. At press time, Bitcoin is changing hands at $65,453.

Will Bitcoin and SHIB rise soon?

Taking advantage of the recent Bitcoin plummets that have pushed down not only SHIB but the majority of altcoins as well, whales that hold 10 or more Bitcoins have been buying the dip. According to Santiment on-chain data company, their holdings have now matched the BTC supply they held exactly two years ago. Since then, Bitcoin’s market value has increased by 226%.

The report published by Santiment shows that there is a strong correlation between wallets with 10+ BTC holdings and the overall market value of Bitcoin. Shiba Inu, along with the rest of the market, tend to follow Bitcoin not only down but also up.

This article was originally published on U.Today

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