In an effort to boost optimism amid the ongoing crypto market correction, Shiba Inu, a popular Ethereum meme token, posted a huge increase in its burn rate, stemming from the actions of its community. The latest development is the transfer of almost 100 million SHIB tokens to the 'dead wallet' by the Shiba crypto community recently, a rapid increase in the burning rate of the meme token adds to the optimistic sentiment for Shiba Inu.
The surge in SHIB's burn rate was a significant move today, as the meme token's price dropped to $0.000026, as a result of a market correction. Following the broader decline that occurred in tandem with BTC's price correction to $66K, Shiba Inu also followed the same trend today.
The Shiba crypto community has moved 105.46 million SHIB to the 'dead wallet' today, resulting in an increase of 2307.19%. This move adds a touch of optimism to Shiba Inu, as the meme token community shows efforts to prevent SHIB from experiencing a drastic decline amid the ongoing market correction.
The price of Shiba Inu has fallen to $0.000026 today. However, the efforts already mentioned by the community also aim to protect the decline of the Shiba Inu by reducing the supply of tokens. This has created a huge investor attraction as the community continues to make a burning effort to improve SHIB's tokenomics.
However, the token's on-chain metrics and technical indicators with mixed market sentiment present mixed feelings. Shiba Inu Token recorded a massive decline of 9.77% at the time of writing with a price level of $0.000026. The drop by this meme token comes after the accumulation phase that took place in the last few days.
Technical indicators for Shiba Inu also show sell sentiment dominating the market, with the RSI standing at 46. This indicates that although the current momentum appears bearish, the overall condition of the asset is neither overbought nor oversold, signaling a neutral market sentiment.
Collectively, this indicates short-term volatility for the token while a bullish or bearish trend may emerge in the long-term. Meanwhile, in line with supply and demand, if Shiba Inu burning efforts continue to grow, strong price action will occur.
