The issuance of a crypto card by the Shiba Inu Foundation is currently the main fuel of the 200% burn rate rally, which resulted in the burning of 144 million SHIB tokens in the last 24 hours.
As suggested by the burning website associated with the Shiba Inu, the market has seen a 65% increase in coin burning rates. Earlier, Twitter account Shib Burn made an announcement about the upcoming SHIB Burn Visa card on July 25, which will burn a small amount of tokens every time a user makes a payment.
— Shibburn (@shibburn) July 24, 2022
The permanent burning events for Shiba Inu remain one of the best and most effective cryptocurrency props in the market, as the supply of small investors is still dangerously high, preventing the token from regaining some of its value in the market. market.
Shiba Inu price performance
In the past few months, SHIB has been fighting furiously for its place in the market, as it has had some good rallies that could bring the token back into the green market zone. Unfortunately, the memetoken faced huge selling pressure, which immediately caused its value to drop.
For now, SHIB has entered a specific chart that may help us determine when the token will enter a period of high volatility again. The rising channel on the daily chart of the token shows that the current rally could end at any moment due to the lack of trading volume and volatility.
At press time, SHIB is changing hands at $0.00001 and is currently consolidating at the lower boundary of the aforementioned channel.
Credit : u.today