Shiba Inu's price movement today is largely influenced by a significant decline in its burn rate, which has dropped by 72% over the last 24 hours. This reduction in the burn rate has sparked concerns among investors, as the burning of tokens is a key mechanism for reducing supply and potentially increasing value. The Shiba Inu community has been actively burning tokens to decrease supply, but the recent drop in burn activity has coincided with a broader market selloff, contributing to the downward pressure on SHIB's price.
Additionally, the Shibarium ecosystem's performance has been underwhelming, with a decrease in active accounts and transaction fees, further impacting SHIB's value. The number of smart money investors holding SHIB has also decreased, indicating a shift in investor sentiment. Despite these challenges, there is some optimism within the community, with upcoming developments like the TREAT token launch expected to potentially boost SHIB's value in the near future.
The current price of Shiba Inu is $0.000021, reflecting a 3.13% decrease today.