"But SHIB is now just flat, can the price go up?"
Shiba Inu (SHIB) which is the second largest memecoin after Dogecoin (DOGE) has caught the attention of cryptocurrency investors when its burning activity saw a big climb, but not for its price.
There's no denying that the SHIB community has made tremendous progress through burning, but its price continues to plummet with no signs of going up.
According to the data disclosed by Shibburn, the burning rate of SHIB in the past 24 hours which showed an increase of more than 10653.65% has burned 29.57 million SHIB while the total number of tokens burned is 410.663 trillion.
However, the transaction that got attention in the crypto market burned 261.40 million SHIB and then transferred the amount to a wallet that had been inactive for several years while there was also a transaction transferring 21.52 million SHIB to a dead wallet.
Although the common belief is that burning tokens will increase the price, SHIB's case seems to be different as the memecoin fell immediately after it was burned several years ago.
SHIB's price drop also comes despite a new announcement by the community that they will join hands with Italian soccer team Napoli to implement a project.
Even so, the skyrocketing burn rate witnessed recently has led crypto market watchers to expect the price of SHIB to skyrocket in the near future.
As of this writing, SHIB price plunged by 4.45% at $0.0000080 in the last 24 hours with a market cap of $4 billion and recorded a plunge of 2.91% over the last week.
