Shiba Inu’s overdependence on Shibburn has led SHIB down this road

Memecoin Shiba Inu [SHIB] recently registered a decline in its price. Though the developers are leaving no stone unturned to burn large amounts of tokens daily, their efforts are not reflecting on SHIB’s chart.

Furthermore, Shibburn, just recently announced that they planned to launch a new iOS, Android, and Alexa skill for the Shibburn Radio application.

<p lang=«en» dir=«ltr» xml:lang=«en»>We just submitted the Alexa Skill for Shibburn Radio. In a few hours we will submit the station's app for iOS and Android for approval. The long-awaited app for Shibburn (main app) is also on it's way. Stay tuned! pic.twitter.com/4wMTUXhRgt

— Shibburn (@shibburn) September 14, 2022

The app will further increase SHIB’s burn rate, which has already spiked considerably over the last few weeks. Interestingly, SHIBBURN revealed that more than 1.36 million SHIB were burnt in the last 24 hours.

Will all these movements help the SHIB ecosystem and affect its price action in the coming days?

<p lang=«en» dir=«ltr» xml:lang=«en»>In the past 24 hours, there have been a total of 136,821,030 $SHIB tokens burned and 11 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) September 16, 2022

As of last week, SHIB gained 3%, which can be considered as a satisfactory gain. However, at the time of writing, the alt was down by 6% in the last seven days. At press time, SHIB was trading at $0.00001175 with a market capitalization of $6,450,286,234.

 A major reason for this decline could be the after effects of the Merge, which pushed several altcoins’ prices downward. But several other metrics were also to blame for SHIB’s recent price decline.

For instance,

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