Shiba Inu burn rate surges amid crypto card release; is a rally in sight

city Santiment Provident CryptoQuant Santiment

27.07.2022 - 16:39

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ambcrypto.com:

The proposed release of a crypto card by Shiba Inu [SHIB] has influenced the meme coin burn rate. In the early hours of 25 July, the burn website of SHIB announced that it was working towards a crypto card for payments.

<p lang=«en» dir=«ltr» xml:lang=«en»>Shibburn is going in a new direction. #shib #shibarium pic.twitter.com/IzcQMtvs6P

— Shibburn (@shibburn) July 24, 2022

According to the details, the SHIB burn card will allow burning a small amount of SHIB tokens anytime a user uses the card for payments. Since the SHIB burning provides an efficient method of supporting the coin’s value, the burn rate surged by almost 200%.

After the announcement, over 174 million SHIB tokens had been burned.

<p lang=«en» dir=«ltr» xml:lang=«en»>In the past 24 hours, there have been a total of 174,765,213 $SHIB tokens burned and 15 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) July 26, 2022

Surprisingly, there was almost no effect on the SHIB price due to the increased token burn. On 26 July, SHIB was 11.50% down from its price seven days ago. The 24-hour price change did not improve either, as it fell 0.07% to trade at $0.000010 as per CoinMarketCap.

However, SHIB had some positives. From the previous day until this writing, SHIB has had an increased trading volume. CryptoQuant reported a 23.14% increase within the stipulated period.

Source: Crypto Quant

So the question is- will there be a turnaround or is SHIB’s bearish phase not over yet?

The Bollinger Bands indicator results may suggest that all is not well with SHIB. Besides the possibility of a further bearish move, SHIB’s volatility is on the high side.

Similarly, the Moving