The Shiba Inu ecosystem has come under intense pressure in recent weeks as a wave of controversy has undermined investors’ confidence in the ecosystem.
of speculation if the Shibarium testnet chain is the same as Rinia, for BitBoy accused Shytoshi Kusama as Sam Bankman-Fried, fear, uncertainty, and doubt about the ecosystem worsen.
However, investors seem to be excited about the new release of the so-called Shibarium testnet PuppyNet. This overcomes the FUD surrounding the ecosystem, showing investors that SHIB can survive despite the odds stacked against it.
However, that belief seems to be faltering CoinGecko showing SHIB shedding more than 6% in weekly timeframe.
Burn Rate Dropped By Nearly 70% This Week
The burn rate for Shiba Inu has decreased as the token price has fallen in recent weeks. ShibBurn, a Twitter account dedicated to tracking SHIB burn rates, recently recorded a 70% refuse at the rate of burning in weekly time. This is already return to the general population decline of 63%, but remains a problem in the long term.
SHIB UPDATE every hour$SHIB Price: $0.0000105 (1 hour -0.26% ▼ | 24 hours -0.67% ▼ )
Market Cap: $6,204,903,177 (-0.52% ▼)
Total Supply: 589,608,944,526,096TOKENS ON SALE
Last 24 Hours: 36,808,721 (1107% ▲)
7 Days ago: 856,350,309 (-63.42% ▼)— Shibburn (@shibburn) March 27, 2023
This follows the FUD surrounding the ecosystem that has worsened due to recent allegations about Shibarium and Shytoshi. Despite this, the Shiba Inu community still seems bullish on Shibarium with Shytoshi reassure community.
Wow‼️
Facts: THOUSANDS OF PROJECTS COMBINED #Shibarium IT WILL BURN $SHIB 🔥🔥🔥🔥🔥🔥🔥🔥$SHIB #SHIB #SHIBA #ShibaInu #SHI barium #SHIBARMY #ShibaArmy #SHIBARMYSTRONG 💪 pic.twitter.com/WxDPEvKOp8
– SHIB Bezos (@BezosCrypto) March 27, 2023
At $0.00001055, Should Shiba Inu Investors Be Worried?
At the time of writing, the token is currently trading in a narrow range. If the token breaks through $0.00001077, SHIB can target $0.00001192 with confidence. Investors and traders can also enjoy low correlation with major currencies which are currently stagnant.
Photo: Getty Images
However, investors should also note macroeconomic developments that are currently affecting the broader financial markets.
That’s new an increase in interest rates by the US Federal Reserve will affect the sentiment surrounding financial assets, especially cryptocurrencies like SHIB are riskier than traditional financial instruments.
SHIB total market cap currently at $6.19 billion on the daily chart at TradingView.com
If the crypto market reacts negatively to the new interest rate hike in the coming weeks, we could see some pain in SHIB. However, new speculation about a possible collaboration with Paramount Pictures should pump up the price in a few days.
In the meantime, Shiba Inu investors and traders should be confident in buying SHIB as it is currently showing a minimal probability of downside with a higher probability of explosive upside.
-Featured image from Unsplash