• Shiba Inu (SHIB) has seen a 17% decrease in price despite the team sharing promising developments.
• The burn rate of Shiba Inu has decreased by 61%.
• Ethereum whales are continuing to hold their SHIB coins, with 12% of the total value held in the top 100 ETH wallets.
Shiba Inu Price Decrease
Shiba Inu (SHIB), the world’s second-largest meme crypto price, has seen a 17% decrease in price despite the team sharing promising developments. This drop occurred due to uncertainty in the global financial sector and heightened selling pressure on Shiba Inu. As per CoinMarketCap, at the time of publication, the going price for Shiba Inu was around $0.00001028.
Decreasing Burn Rate
The monitor shows that Shiba Inu’s burn rate has decreased by 61% during last day as per Shibburn. There had been just one transaction of one million SHIB to a dead wallet and on April 27th it was announced that no Shiba Inu coins were burned. This is resulting in a decreasing burn rate which can be attributed to this continuous pricing consolidation.
ETH Whale Holders Unfazed
Ethereum Whales, however, seem unfazed by this decline in price and are continuing to retain their Shiba Inu coins. According to statistics, top 100 ETH whale wallets together own almost $601 million worth of SHIB – making up almost 12% of their total value held in these wallets alone.
Positive Attitude Not Reflected
Despite holders having a positive attitude about upcoming metaverse projects for SHIB, it is not reflected in its declining burn rate or increasing prices yet.
Conclusion
Overall, despite some promising developments from SHIB team regarding metaverse initiatives and positive attitude from holders towards these projects – overall pricing consolidation continues with a declining burn rate as direct result of this.