As per Shibburn, 2,417,015,301 Shiba Inu tokens worth over $26,000 were burned over the past seven days. It took 236 transactions to send these tokens to dead wallets.
Over 168 million tokens were burned over the past 24 hours (from Saturday morning-Sunday morning). Burning tokens may, in theory, increase the cryptocurrency’s price due to its scarcity in the market.
Shiba Inu’s buying pressure has increased as trading activity on crypto exchange Coinbase shows 78% of investors have placed the cryptocurrency on ‘buy’, while it has been kept on ‘sell’ by only 22% of investors.
This is the first time that SHIB’s buying pressure has crossed 70% since March. The cryptocurrency is currently trading at around $0.00001056.
Leave a Reply