Over the past day, the rate at which Shiba Inu tokens are being destroyed has skyrocketed by an incredible 4,100%, resulting in approximately 21,709,094 SHIB coins being taken out of circulation forever.
Based on data from the Shibburn X tracker, an incredible 21,709,094 Shiba Inu coins were destroyed in the past day. This represents a staggering increase of 4,100.35% in the daily burn rate. Notably, a massive one-time burn of approximately 21,088,148 SHIB happened within this period, driving this surge.
As an analyst, here’s my hourly update on SHIB:
I’m currently monitoring the price movement of Shiba Inu (SHIB), and as of now, it stands at $0.00002372, representing a decrease of 0.06% over the last hour. Over the past 24 hours, the price has dipped by 2.13%.
Regarding market capitalization, SHIB’s current value is $13,977,981,987, which represents a decrease of 1.97% over the past 24 hours.
It’s important to note that there has been significant activity in token burning over the past 24 and 7-day periods. Over the last 24 hours, approximately 21,709,094 SHIB tokens have been burned, marking a substantial increase of 4100.35%. Over the last 7 days, about 104,230,574 SHIB tokens have been burned, representing an impressive surge of 86.58%.
These burning activities could potentially impact the overall supply and demand dynamics of SHIB in the long run. Keep a close eye on this space for further updates!
— Shibburn (@shibburn) January 8, 2025
This significant increase in tokens being destroyed is a good indication for the Shiba Inu group, as it helps decrease the overall number of tokens available.
Although Shiba Inu’s rapid spending rate is notable, its price has taken a significant dive of almost 11% within the past day. This drop in value coincides with a broader market sell-off that has led to an astounding $711 million worth of cryptocurrency liquidations. The widespread market downturn has influenced various digital assets as investors respond to recent economic concerns on a larger scale.
Shiba Inu skyrockets 2,004% in whale moves
The price of Shiba Inu has dropped along with the overall cryptocurrency market. As I type this, its value has decreased by approximately 10.43% within the past day, currently sitting at around $0.00002168.
Over the past day, there’s been a significant increase of 2,004% in large transactions involving Shiba Inu (SHIB). This surge indicates that whales, who are major investors, may be actively manipulating the market during this sell-off, as suggested by this sudden upswing.
Transactions surpassing $100,000 have been increasing as per reports, with IntoTheBlock recording a total of 34.42 trillion SHIB, equivalent to approximately $751.22 million, within the past day. This suggests that significant investors might be either amassing or reallocating their SHIB assets.
Such actions typically hint at strategic maneuvers by whales, who might be preparing for potential market changes by taking advantage of upcoming trends or responding to existing market dynamics.
As per the official Treat X record, we’re fast approaching January 14th, with only a few days left until then.
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2025-01-08 16:25