Shiba Inu (SHIB) Maintains Steady Performance on New Year’s Day – BitRss

The popular dog-themed meme cryptocurrency Shiba Inu (SHIB) exhibited a stable trend on the first day of the new year. As of January 1st, the token managed to approach the $0.0001 level with just a 1% increase throughout the day. This performance has raised market participants’ expectations regarding the token’s future price movements.

Decrease in Burn Rate Affects Price

Shiba Inu has attracted attention due to a decline in its burn rate. Recent data shows that SHIB’s weekly burn performance, with a total of 55.54 million tokens burned, is considerably lower compared to previous periods. This decrease in the burn rate does not significantly reduce the total circulating supply, contributing to the stagnant price movement of Shiba Inu.

Although the burn rate recorded during the day increased by 55%, it fell short of market expectations. The low burn activity is preventing the token’s price from surpassing a crucial level. Experts indicate that the slowdown in the burn rate is a critical factor for Shiba Inu’s long-term performance.