Shiba Inu (SHIB/USD) Witnesses 10% Drop in the Past 7 Days
Shiba Inu (SHIB/USD) has experienced a significant drop of over 10% in the last seven days. This popular memecoin, known for its resemblance to the Shiba Inu dog breed, has seen declining transaction activity and dropping burn rates, leading to a decrease in its value. The recent decline has caught the attention of the Shiba Inu team, who are now taking steps to address the issue and boost transaction activity.
Shib Team Takes Steps to Boost Transaction Activity
Recognizing the decline in transaction activity, the Shib team has decided to take action in order to stimulate growth. One of their strategies involves encouraging investors to purchase Shibarium NFTs (non-fungible tokens) in an effort to increase transaction activity. Lucie, the marketing lead for Shiba Inu, recently took to social media to explain to investors how they can buy these Shib-based NFTs. By engaging in the purchase of NFTs, investors can help to revitalize transaction activity within the Shiba Inu ecosystem.
Marketing Lead Lucie Explains How to Buy Shibarium NFTs
In an effort to provide guidance to Shiba Inu investors, the marketing lead, Lucie, has taken to social media to explain how to purchase Shibarium NFTs. These NFTs are tokens that can be bought and sold on the Shiba Inu blockchain network. Lucie’s message to investors suggests that buying and trading Shib-based NFTs can have a positive impact on transaction activity. As of January 7, transaction activity on the network had decreased from 6.06 million to 4 million, highlighting the need for measures to boost activity.
Unknown Whale Withdraws 546 Million SHIB from Binance
Data from Spot On Chain has revealed that a new unknown whale address recently withdrew a significant amount of SHIB from Binance. This withdrawal, totaling 546 million SHIB and valued at $4.93 million, indicates that the tokens may be taken into self-custody. This movement of tokens by an unknown whale adds to the recent trend of large-scale withdrawals by prominent figures such as Justin Sun and five other whales, who have collectively withdrawn 2.74 trillion SHIB worth $25.2 million from Binance over the past 45 days.
Burn Rate in Shiba Inu Drops by 91.2% in the Past 24 Hours
Based on data from Shibburn, the burn rate in Shiba Inu has experienced a significant drop of 91.2% in the past 24 hours. Burn rate refers to the number of tokens being removed from circulation, typically through intentional burning mechanisms. In the past 24 hours, there were two transactions reported in which over one million SHIB tokens were burned. This is a substantial decrease from the 2,500% increase in burn rate recorded earlier in the day. The sharp drop in burn rate further emphasizes the need for measures to stimulate transaction growth within the Shiba Inu ecosystem.
Overall, the recent drop in value, declining transaction activity, and dropping burn rates have prompted the Shiba Inu team to take action. By encouraging investors to buy Shibarium NFTs and engaging in other strategies to boost transaction activity, the team hopes to revitalize the Shiba Inu ecosystem and regain momentum in the market. However, it remains to be seen how effective these measures will be in reversing the recent downward trend in SHIB/USD.
Analyst comment
News 1: Negative – The 10% drop in the past 7 days indicates a decline in value and transaction activity for Shiba Inu.
News 2: Positive – The Shib team’s efforts to boost transaction activity through Shibarium NFTs are expected to stimulate growth.
News 3: Positive – Marketing lead Lucie’s explanation on purchasing Shibarium NFTs aims to increase transaction activity, indicating a positive impact.
News 4: Negative – The significant withdrawal of SHIB tokens by an unknown whale adds to the trend of large-scale withdrawals, potentially indicating a loss of confidence.
News 5: Negative – The 91.2% drop in burn rate highlights the need for measures to stimulate transaction growth in the Shiba Inu ecosystem.
As an analyst, it is uncertain how effective these measures will be in reversing the recent downward trend in SHIB/USD.
