As a researcher with extensive experience in the cryptocurrency market, I find Shiba Inu’s recent surge in token burning and large holder inflows to be noteworthy developments. The 338% increase in weekly burn rate, as reported by Shibburn, is a testament to Shiba Inu’s dedication to reducing its token supply and enhancing long-term value. This strategic move could potentially lead to scarcity of the token, which may drive up demand and price.
As a researcher studying the cryptocurrency market, I’ve observed an intriguing development with Shiba Inu (SHIB) over the past week. The dog-themed digital currency experienced a remarkable surge in burn rate, which translates to approximately 338% more SHIB tokens being incinerated compared to previous weeks. This strategic move resulted in the elimination of millions of SHIB tokens from circulation.
Based on Shiburn’s latest hourly report, the destruction of SHIB tokens has skyrocketed by a remarkable 338.77% over the past week, with a total of 200,591,910 SHIB tokens being burned. This significant increase in token burning underscores Shiba Inu’s dedication to decreasing its token count and strengthening its long-term worth.
As a cryptocurrency analyst, I would describe token burning as a process where a specific quantity of tokens is irreversibly taken out of circulation. Consequently, the overall token supply is diminished.
As a researcher, I’ve observed that Shiba Inu has been particularly committed to its strategy, leading to the elimination of over 10 million SHIB each week. This represents a significant increase of 338% from the previous weekly burn rate. However, it’s important to note that the daily burn rate experienced a decrease of 27.27%, with only approximately 30 million SHIB burned in the last 24 hours.
SHIB large holders inflow jumps 225%
Every week, there has been a significant surge of approximately 225% in the metric measuring the amount of money flowing into Shiba Inu’s large holder wallets.
Shiba Inu continues to prioritize maintaining forward progress and pursuing development strategies. This includes broadening utility via collaborations and alliances, as well as nurturing community involvement and creativity. Notably, major Shiba Inu investors have shown keen interest in these efforts.
Currently, SHIB is experiencing a decrease of 0.14% over the past 24 hours and is priced at $0.00002256 due to the subdued activity in the cryptocurrency market.
A significant number of Shiba Inu holders, amounting to around 45 trillion SHIB, concentrate their assets within a pivotal price range for the Shiba Inu cryptocurrency.
According to IntoTheBlock data, approximately 45.37 trillion SHIB tokens were purchased by about 54,410 unique addresses in the vicinity of Shiba Inu trading. The transactions occurred at prices between $0.000021 and $0.000023, with an average price point being $0.000022.
Keeping the SHIB price within the $0.00045 to $0.00047 range is crucial, as a drop below this threshold could lead to a slide towards the subsequent support levels of $0.00019 to $0.00021. On the other hand, the SHIB price may encounter resistance around $0.00023 to $0.00025, where approximately 33,360 addresses hold a combined total of 13.09 trillion SHIB.
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2024-05-12 12:29