The proposed release of a crypto card by Shiba Inu [SHIB] has affected the burning speed of meme coins. In the early hours of July 25, SHIB’s burn website announced that it is working towards a crypto card for payments.

According to the details, the SHIB burn card will allow to burn a small number of SHIB tokens when a user uses the card for payments. Because the SHIB burn is an efficient method of sustaining the coin’s value, the burn rate increased by nearly 200%.

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

What else?

Surprisingly, there was almost no effect on the SHIB price due to the increased token burn. On July 26, SHIB was 11.50% lower than seven days ago. The 24-hour price change also didn’t improve as it fell 0.07% to trade at $0.000010 per CoinMarketCap.

However, SHIB had some positives. From the previous day to this writing, SHIB has had an increased trading volume. CryptoQuant reported an increase of 23.14% within the deadline.

Source: Crypto Quant

So the question is, is there going to be a turnaround or is that from SHIB? bearish phase not over yet?

The Bollinger Bands Indicator Results may indicate that SHIB is not doing well. Besides the possibility of further bearish move, SHIB’s volatility is on the high side.

Likewise, the Moving Average Convergence Divergence (MACD) suggested the same thing. On July 26, MACD was below zero, indicating that selling pressure was mounting and buyers were not around.

Source: TradingView

As it stands, the SHIB burn had almost no positive effect on the SHIB price. Still, there are clear signs of another price drop. So at this level, short-term investors may need to be cautious.

On-chain stats

In addition to the increased trading volume, other metrics seem to match the seller’s control. SantimenThe data showed that SHIB’s market cap had declined in recent days.

On July 24, that was $6.49 billion. By July 25, however, it had been reduced to $5.77 billion.

The 24-hour active addresses haven’t gotten any better either. After staying steady at around 5050 on July 24, it dropped to 4375 on July 26.

Source: Santiment

With all of this, it may be inevitable that SHIB isn’t heading to a major rally any time soon. Instead, the SHIB price could fall further.





This post Shiba Inu’s burn speed increases while releasing crypto cards; is a rally in sight

was published first on https://ambcrypto.com/shiba-inu-burn-rate-surges-amid-crypto-card-release-is-a-rally-in-sight/

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