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
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