Shiba Inu and Dogecoin , prominent meme-based cryptocurrencies, are experiencing significant downturns in their market performance. SHIB has declined by over 35% from its December high, currently trading at approximately $0.00002150. Similarly, DOGE is teetering near $0.0251, with forecasts suggesting a potential drop below $0.007.
Analysts attribute SHIB’s decline to a substantial decrease in its burn rate. Recent data indicates that only 8.73 million SHIB tokens were burned in the last 24 hours, marking a 71% drop from the previous day. This reduction in token burns could negatively impact SHIB’s value, as burning tokens is a strategy used to decrease supply and potentially increase demand.
The Shibarium ecosystem’s performance also plays a crucial role in SHIB’s valuation. The number of active accounts on Shibarium has fallen to just 1,250, and the average transaction fee has declined to 0.00023 BONE, down from December’s peak of 0.00045. This decrease in activity and fees may further contribute to SHIB’s price decline.
In the case of DOGE, the cryptocurrency is facing similar challenges. Currently trading at approximately $0.257777, DOGE has seen an intraday high of $0.259452 and a low of $0.247624. Market analysts predict that if the downward trend continues, DOGE could fall below the $0.007 threshold, raising concerns among investors.
Arabian Post – Crypto News Network
