Despite a partial recovery, the Shiba Inu coin still experienced a big dump of 82%. Can the price of SHIB reach its ATH of $0.00008 again?

Shiba Inu's burn rate is facing a new challenge as it has recorded a significant drop of 82%. This decline occurred during a period of price recovery and positive momentum for SHIB, raising questions about whether the meme token can still reach its all-time high of $0.00008 in 2021. In the past 24 hours, Shiba Inu's burn rate has dropped by 82.32%. The Shibburn Wallet tracker reported this significant drop, showing that only 81,937,558 SHIB tokens were sent to invalid blockchain wallets.

The significant reduction in the destruction of this event is in stark contrast to the period when millions of Shiba Inu Tokens were destroyed every day. Not long ago, Shiba Inu made history by destroying $100,000 worth of SHIB Tokens in one transaction.

SHIB destruction mechanism is a program that sends a portion of the Token to an inaccessible or 'dead' Wallet to reduce supply, increase scarcity, and potentially trigger a significant pump in Token price. These destructions are recorded by Shibburn (a dedicated destruction tracker for the Shiba Inu ecosystem) and primarily driven by the SHIB community.

Although the decrease in the Shiba Inu burn rate may be a challenge, this development comes at just the right time. The SHIB price showed signs of recovery this week, rebounding from the previous low point. The Shiba Inu price surged by 16.28% in just one day, seemingly maintaining a bullish momentum. In addition, Whale volume surged, indicating that investors are accumulating SHIB Tokens.

Despite a recent price rebound and increased Whale activity, the rise of Shiba Inu to $0.00008 may be affected by its recent decrease in burning rate. This decline seems significant as there have been no significant burning incidents of SHIB in the past week. The Shibburn report states that the burning rate has dropped by 88% in the past 77 days.

In order to drive Shiba Inu to its historical high of 0.00008 US dollars, Crypto Assets need to be driven by a variety of bullish factors and positive market sentiment. The combination of increased market demand, higher burning rate, and strong momentum may catalyze Shiba Inu to reach its historical milestone. However, the trajectory of SHIB's continuous rise to new highs is now being questioned due to the current decrease in burning rate.

In the context of low burning rates and broader market conditions, the SHIB price has been showing a significant pump trend, and recorded price pumps as the DOGE price experienced a bullish trend.

Data shows that Shiba Inu has pumped 63% in the past week and 62.35% in the past month. At the time of writing, the trading price of this meme Token is 0.000028 dollars, and its value has surged again today. Although Shiba Inu is witnessing a new pump, its daily volume seems to be quite low, decreasing by about 11.23%.


(Data Source: Scott Matherson)