The post Shiba Inu burns rise, but this is why SHIB remains below crucial levels appeared on BitcoinEthereumNews.com.

Journalist Posted: September 7, 2024 SHIB has been unable to break key resistance levels. At press time, the token remained in a downtrend. Since Shiba Inu [SHIB] launched its Shibarium burn portal, there has been no notable increase in SHIB burns recorded through the platform. However, SHIB burns have continued through other channels, with a recent spike in the overall burn rate. But despite this, SHIB’s price has remained below key levels. Shiba Inu burn portal stalls A few weeks ago, Shiba Inu announced the launch of Shib Torch, a portal designed for SHIB burns. Upon its initial launch, over 3.2 million SHIB tokens were reportedly burned. However, since then, the activity on the Shib Torch portal has stalled, with no additional burns recorded. This stagnation has raised questions within the Shiba Inu community regarding the portal’s functionality. Concerns have emerged about whether the portal is accurately tracking SHIB burns, or if any burns are taking place through it.  Shiba Inu burns continue Analysis of data from Shibburn reveals that the Shiba Inu token burns have continued, contradicting the inactivity observed on the Shib Torch portal. This suggests that either the new portal is not being utilized or it is not accurately reflecting the burns occurring. Data from Shibburn showed a significant increase in SHIB burns, with the burn rate spiking by over 400% in the last 24 hours. In that time, more than 14.2 million SHIB tokens have been burned. Over the past seven days, more than 312.6 million SHIB tokens have been burned, representing an 80% increase in the burn rate. This indicates that despite the questions surrounding the Shib Torch portal, the overall burn activity for Shiba Inu tokens remains strong. However, the disconnect between the portal and the actual burn data raises concerns about the portal’s…

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Filed under: News - @ September 7, 2024 7:10 am