Shiba Inu (SHIB) falls despite increasing burn rate and large transactions

Shiba Inu (SHIB) falls despite increasing burn rate and large transactions

The cryptocurrency sector continues to suffer the protracted aftermath of the collapse of FTX, once one of the largest cryptocurrency exchanges in the world, and meme token Shiba Inu (SHIB) is no exception despite recent positive developments, Shiba Inu was trading at $0.000008861 at press time and is down 4.39 over the past 24 hours, adding to weekly losses of 7.48% and 8.0%.

43% on the monthly chart, with a market cap of $4.87 billion, based on data as of December 12.

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Positive developments fail to move price

The decentralized finance (DeFi) asset is seeing these declines despite attracting significant investor interest, as evidenced by the addition of over 7,000 holders in December and transactions of over $100,000. They saw around 300 in one day % skyrocketed. In addition, the SHIB consumption rate posted a 24-hour peak of 2,350% on Dec. 11, one of the highest in recent times, before leveling off at around 15% at press time, according to data compiled by the Shibburn Platform Shiba Inu tracks consumption rates.

Recall that the Shiba Inu team implemented the burn mechanism to decrease the number of SHIB tokens in circulation, promote scarcity, and raise the price, even though the recent increase in the burn rate has yet to have an effect..

SHIB price predictions

Meanwhile, a machine learning algorithm predicted that SHIB would change hands on December 31, 2022, at an average price of $0.000008, slightly lower than the previous estimate of $0.00001 provided by Finbold on December 7 was reported in 2022.

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