Shiba Inu's September Slump: Historical Data Suggests Downtrend

Shiba Inu's (SHIB) recent success story may be coming to an end, according to historical data. The meme coin has historically been in a downtrend during the month of September, with its price closing three out of five times in the red.

The first warning sign is Shiba Inu's burn rate, which has declined by 6% on a monthly scale. With less than 600 million tokens being sent to a null address throughout August, the burning mechanism, aimed at reducing the overall supply and increasing the coin's value, seems ineffective.

Additionally, Shibarium, the layer-2 scaling solution, has been stalled since last year's exploit. The number of processed daily transactions has dropped significantly, from thousands to mere hundreds, which is a major setback for the ecosystem's advancement and potential price impact.