SHIB’s Lackluster Performance Since Launch of Burn Portal

On April 23, Shiba Inu Ecosystem launched a burning portal with the ultimate goal of reducing the circulating supply of Shiba Inu (SHIB) to increase its scarcity to drive up the price of the token.

Unfortunately, things have not exactly gone to plan for the meme coin as the recent bear market threw a spanner in the works.

Over the last 65 days, SHIB has seen a steady decline. When the burning portal was launched in April, SHIB was worth around $0.000024, but at the moment, SHIB is trading at $0.00001096, according to CoinMarketCap.

Further proving SHIB’s decline is the fact that the meme coin’s market cap stood at $13.36 billion about 65 days ago. As of today, it stands at $6.02 billion.

SHIB’s Relative Support Index (RSI) has also been lingering below the 50 neutral regions over the last 60 days or so, although the meme coin saw some relief on June 21 when it attempted a cross-over.

Data also shows that the ongoing burning of SHIB did not affect the crypto’s performance. On June 27, the number of active users on the network dropped by 90%.

Network growth for SHIB has also been lackluster. Data from Santient indicates that the amount of new addresses created on the network daily has dropped by more than 200% since May 12.

In addition to all of this, SHIB’s social volume has also dropped by about 87%. However, SHIB’s social dominance has shown some growth.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.