Dogecoin Rival Shiba Inu Tanks Over 10% In Past Week: Here's What Shib Team Encourages Investors To Do

Shiba Inu SHIB/USD has dropped over 10% over the last seven days, as the popular memecoin witnesses declining transaction activity and dropping burn rates. Following the drop, the Shib team is taking steps to boost transaction activity.

What Happened: Down by double-digits eight days into 2024, Shiba Inu's marketing lead Lucie took to X to explain to investors how to buy Shibarium NFTs. Purchasing Shib-based NFTs could lead to a boost in transaction activity, standing at four million as of Jan. 7, down from the 6.06 million on Jan. 1, 2024.

Also Read: Dogecoin Killer Shiba Inu Burn Rate Surges 373%, Trader Says SHIB 'Could Explode' To 1 Cent 'And Leave People Behind'

Why Does It Matter: Data from Spot On Chain indicates that a new unknown whale address withdrew 546 million SHIB worth $4.93 million from Binance, possibly hinting at tokens being taken into self-custody, Justin Sun and five other whales have withdrawn 2.74 trillion SHIB worth $25.2 million from Binance over the past 45 days.

Based on data from Shibburn, the burn rate has been narrowed by 91.2% in the past 24 hours, wherein two transactions reported more than one million SHIB being burned. This is a significant drop from 2,500% increase in burn rate recorded earlier in the day for the past 24 hours.  

The public call-to-action by the Shiba Inu team to buy NFTs on its layer-2 network using Bone BONE/USD could be interpreted as an effort to drive future transaction growth.

Price Action: In the past 24 hours, SHIB is up 1.9%, but has fallen 10.4% in the past 7 days.

Read Next: Shibarium's New Rival Is Here — ShibChain: 'Shiba Inu Is Set For A Galactic Journey' Says SHIB Expert

Photo: Shutterstock