As a seasoned crypto investor with battle-hardened resilience and an insatiable curiosity for the digital frontier, I must admit that the recent surge in Shiba Inu (SHIB) burn rate has piqued my interest. Having witnessed the rise and fall of several altcoins, I’ve learned to appreciate the power of community-driven initiatives like this one. The coordinated efforts within the Shiba Inu ecosystem, as well as the massive burn on Nov. 1, are impressive feats that could potentially propel SHIB’s long-term growth.
Over the last seven days, there’s been a massive increase of 6,153% in the destruction rate of the cryptocurrency based on Shiba Inu dogs (SHIB).
Per Shibburn X’s latest report, approximately 5.76 billion SHIB tokens have been destroyed in the past week, marking a significant surge of over 6,100% in the burn rate.
HOURLY SHIB UPDATE$SHIB Price: $0.00001688 (1hr -1.99% ▼ | 24hr -5.16% ▼ )
Market Cap: $9,962,834,111 (-5.10% ▼)
Total Supply: 589,262,937,488,938TOKENS BURNT
Past 24Hrs: 0 (-100% ▼)
Past 7 Days: 5,761,510,009 (6137.49% ▲)— Shibburn (@shibburn) November 3, 2024
As an analyst, I can share that this reduction in supply, or ‘burn’, was a collaborative endeavor within the vibrant Shiba Inu community. This collective effort involved active participation from the community members themselves, as well as strategic token burns initiated by projects nestled within the Shiba Inu ecosystem.
On November 1st, there were six significant transactions that led to the burning of an impressive 5,612,878,479 SHIB tokens, significantly increasing the weekly burn rate.
6,133,934,758 SHIB tokens were destroyed in 105 separate transactions during October. By transferring such large quantities of SHIB into inactive wallets, this action decreases the overall number of SHIB tokens available, a step that aligns with the Shiba Inu community’s long-term vision to boost token value by creating a sense of scarcity.
Despite a significant amount of SHIB being burned over the past week, surprisingly, no SHIB was burned within the last 24 hours.
Crypto market faces sell-off
After hitting a high of $0.00001982 on October 29th, Shiba Inu has been on a downward trend. If it ends the day with a decrease, this will be the fifth straight day of losses for Shiba Inu.
Currently, as I’m typing this, the price of Shiba Inu has decreased by 4% over the past 24 hours to reach approximately $0.00001709. This decline mirrors a larger market trend where Bitcoin fell below $69,000 due to widespread selling.
In the previous 24 hours, Bitcoin (BTC) dropped approximately 2% as a result of continued profit-taking that extended into the weekend. This selling pressure led to a wider market pullback, ultimately leading to the termination of more than $235 million worth of wagers.
In the past day, approximately $195 million worth of long positions (bets on higher prices) were forcedly sold off due to the move, potentially leading to further selling as traders closed their unprofitable bets.
Negatively speaking, Shiba Inu is making an effort to maintain a crucial level of support close to its Daily Simple Moving Average (SMA) 50 at approximately $0.000017, in order to limit further drops to around $0.000015.
Instead of waiting for further decline, investors who believe in Shiba Inu (SHIB) could consider taking a break and allowing the price to potentially rebound, leading to what is known as a “relief rally.” If this occurs, SHIB’s price may strive to recover and approach the daily Simple Moving Average 200 level at $0.00001845.
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2024-11-03 14:19