The post Shiba Inu Burn Rate Crashes 61%, Trading Volume Falls Below $400 Million, Why Are Bearish Indicators Piling Up? appeared on BitcoinEthereumNews.com.

Shiba Inu (SHIB), the second-largest meme coin by market capitalization, faces severe downside momentum as several technical indicators turn bearish. As the market enters a correctional phase due to the decline in Bitcoin, Shiba Inu records a 61% decline in burn rate while its trading volume falls below $400 million.     Multiple Shiba Inu Indicators Turn Bearish One of the primary catalysts for the steady growth in Shiba Inu’s value over the years was the aggressive token burn strategy implemented by community members and the token’s developers. Since its inception in August 2020, the Shiba Inu ecosystem has burnt a total of 410.7 trillion tokens from its initial supply of 999.9 trillion.  However, recent data from Shibburn, a Shiba Inu burn tracker, showed a 61% decline in burn rate in the last 72 hours. While this decline in SHIB burns caught the attention of the broader market, the Shibburn tracker reveals a notable shift, showing a 470% increase in burn rate in the last 24 hours.  In addition to the previous 61% drop in SHIB’s burn rate, the meme coin’s trading volume has dipped below $400 million to $379 million, according to CoinMarketCap. This decline in trading volume signals a reduction in investor interest, which is often a precursor to price declines in the crypto market.  Currently, several factors are contributing to the significant drop in Shiba Inu’s market indicators. The broader crypto market has been experiencing heightened volatility after the Bitcoin price crashed below $100,000. This price drop affected most cryptocurrencies, with meme coins like SHIB bearing the brunt.  Additionally, the ongoing trade war between United States (US) President Donald Trump and China, Canada, and Mexico has harmed the crypto market. Following the announcement of the trade war, the price of Bitcoin fell, followed by other major cryptocurrencies and meme…

---

Filed under: News - @ February 8, 2025 8:24 am