As a crypto investor with some experience under my belt, I’ve seen my fair share of market ups and downs. And right now, Shiba Inu (SHIB) is giving me a rollercoaster ride. The price drop is concerning, down by 2.37% in just 23 hours to $0.00002234, but the surge in the burn rate is a silver lining.
As a researcher studying the cryptocurrency market, I’ve noticed that Shiba Inu (SHIB) is experiencing a significant price drop, currently at $0.00002234, representing a 2.37% decrease over the past 23 hours. However, it’s important to note that this downward trend is being partially offset by an impressive surge in Shiba Inu’s burn rate, which has risen by an astounding 2,814%.
Approximately 7,912,388 SHIB tokens were burned according to Shibburn’s data, marking a significant increase from the approximately 200,000 tokens eliminated earlier on Monday. Three notable wallets were responsible for the majority of this burn rate surge, each contributing over 1 million SHIB to the dead wallet.
The largest among the three wallets, identified by the address ‘0x608…9fe8’, was responsible for obliterating a combined total of 4,320,587 Shiba Inu tokens. Wallets with addresses ‘0xc66…650ae’ and ‘0x608…9fe8’ contributed by incinerating 1,538,128 and 1,031,814 SHIB tokens respectively. Additionally, smaller amounts of Shiba Inu tokens were also sent to the burn address, resulting in a grand total of 410,726,546,023,229 SHIB tokens that have been removed from circulation.
As a crypto investor, I can tell you that Shiba Inu’s price action is heavily influenced by the broader digital currency market. When Bitcoin, the largest cryptocurrency, dips below $68,000, it puts pressure on altcoins like Shiba Inu to follow suit. Consequently, my expectation is that Shiba Inu and other tokens closely correlated with Bitcoin may struggle to mount a solo price recovery.
Shiba Inu’s burn rate notwithstanding, there has been a notable improvement in other key performance indicators. For instance, the daily trading volume has spiked by 33.35% over the past day, reaching a significant figure of $624,883,442, reflecting growing activity within its community.
Additionally, the value of whale transactions related to this has significantly increased by 438%, resulting in a total of $172.5 million being traded within the past 24 hours. Despite the promising outlook for Shiba Inu based on its fundamental analysis, the near-term rebound could hinge on various on-chain indicators.
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2024-06-11 13:00