Shiba Inu (SHIB) saw a spike in its burn rate by 47,872.88%, with 28.1 million tokens destroyed in the last week. One transaction in particular was responsible for the majority of the burn, removing over 27 million SHIB tokens in one go. The sudden increase in the burn rate could be due to increased community network activity. However, it is also possible that the burn rate spiked due to very few tokens being burned the day before.
Despite the sharp rise in SHIB’s destruction rate, on the other hand, the token’s price has fallen sharply. The popular memecoin has fallen by 3.6% in the weekly chart. Nevertheless, SHIB is still in an upward position in the monthly chart.
The recent plunge of Shiba Inu (SHIB) follows the overall trend of the current crypto market. Other cryptocurrencies such as Dogecoin (DOGE), Chainlink (LINK), Polygon (MATIC), etc. also fell.
Will Shiba Inu regain momentum in December?
SHIB, despite being a very popular cryptocurrency, has suffered losses for most of 2023. Since January, the asset has only risen by about 2.7%. On the other hand, Bitcoin (BTC) has risen by more than 100%, and Solana (SOL) has soared by more than 500%. However, Dogecoin (DOGE) has performed similarly to SHIB. This development has led some to believe that memecoins will take a backseat in 2023.
However, many analysts expect Shiba Inu (SHIB) to regain momentum in December. According to analyst Captain Fabik, SHIB could rise 2x in December. The analyst cited SHIB's trendline breakout in his analysis. Nonetheless, SHIB will need a successful retest before a rally can occur. #BTC #ETH #SHIB
