The price of Shiba Inu (SHIB), the second largest meme coin, has been under increased selling pressure over the past month. As SHIB’s price continues to decline, Pepe Coin, a new trending meme cryptocurrency, has gained substantial attention. However, recent events suggest that SHIB may be making a comeback, as the SHIBarmy burned more than a billion Shiba Inu coins in just the last 24 hours.
According to Shibburn data, 1.69 billion SHIB coins have been sent to a dead wallet in multiple transactions over the past 24 hours. This marks a staggering 13150% spike in the SHIB burn rate after this recent event. It is important to note that this surge in burn rate follows a long dry spell of not burning many Shiba Inu coins. Previously, reports indicated that the SHIB burn rate was plummeting over time, suggesting that users were losing interest in the second largest meme cryptocurrency.
The rise in coin burns may rekindle investors’ interest and help SHIB regain lost ground. However, skeptics argue that the burn event might merely be a temporary blip and that the long-term trend still points towards waning interest in the coin.
At the time of writing, Shiba Inu’s price is down by over 18% in the last 30 days, with SHIB trading at an average price of $0.000009. While the recent coin burns might paint a rosier picture for the cryptocurrency, the fact that the price remains low despite this activity suggests that there are other powerful market forces at play, and it remains to be seen whether the SHIBarmy’s efforts can truly turn the tide.
The crypto market is known for its volatility, and meme coins like Shiba Inu are no exception. Investors on both sides of the conversation—those who support the potential comeback and those who remain critical—should tread carefully and conduct thorough research before committing their funds.
As the market evolves and new trends emerge, it is crucial to stay informed and analyze the bigger picture. Whether Shiba Inu can rise from its recent setbacks or is destined to lose ground to other competing meme coins remains to be seen. One thing is certain: the cryptocurrency market will continue to be a hotbed for debate and speculation as its players navigate the ever-changing landscape.
Source: Coingape
