$SHIB $PEPE

Shiba Inu burns rocket over 900%
Shiba Inu (SHIB), has experienced a staggering 921.31% increase in token burns over the past 24 years
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hours, with approximately 45.16 million tokens destroyed. This massive increase in token burning indicates a significant increase in investor confidence and a concerted effort to reduce the circulating supply of SHIB, potentially increasing its value.
However, despite the record consumption rate, the price of SHIB has seen a notable decline in recent hours. Experts attribute this drop to a slowdown in buying activity among retail and institutional investors. While the market faces uncertainty, the Chaikin Money Flow (CMF) for SHIB remains negative, confirming the lack of demand for the altcoin.
To make matters worse, around 21% of SHIB holders currently transacting are profiting from their investments. This suggests that many SHIB holders may be looking to sell their tokens in anticipation of an ongoing downward market trend. This liquidation could further exacerbate the decline in the price of the SHIB.
Amid these challenges, SHIB's Shibarium Layer-2 gwei is gearing up for an upgrade on May 2, which could stabilize and potentially boost the token's price. However, for now, the market remains uncertain, with many investors taking a wait-and-see approach before making their next decision.