Shiba Inu (SHIB) recently experienced a sharp increase in burn rate with very few tokens burned. The SHIB Burn tracker shows that over the previous 24 hours, the burn rate of the Shiba Inu increased by 14,267.59%. The increase occurs even though there haven’t been many tokens burned.
Around 14.07 million tokens were transferred to dead wallets in the last 24 hours, according to SHIB Burn. According to SHIB Burn data, the greatest burn transaction on the previous day was about 9.8 million SHIB. Additionally, the day before, only 97,991 tokens were burned.
Shiba Inu Burn Rate Skyrockets Over 14,000% as Price Recovers 4
However, the burn rate has cooled down and is currently standing at 1934.01%. 14,896,832 SHIB has been burned in the last 24 hours as per the updated data.
Shiba Inu Burn Rate Skyrockets Over 14,000% as Price Recovers 5
Shiba Inu price spikes in the last 24 hours
Shiba Inu has gained traction along with the most recent market rebound. According to statistics from CoinMarketCap, SHIB is currently trading at $0.00001157, up 10.8% over the previous day. The market value of SHIB has also surpassed $6 billion for the first time in the previous 17 days.
Shiba Inu which was standing at 14th ranking among other cryptos in terms of global market cap lost it to TRX recently and was standing at 15 till yesterday. However, the recent price spike has pushed it to the 13th rank on the basis of the global market cap.
Whale activity has recently increased in Shiba Inu at a never-before-seen rate. Instead of buying billions of SHIB, whales were purchasing trillions. The whales have also been trading privately and shifting, selling, and buying back SHIB.
These routine actions are now regularly carried out by some unnamed whales. A whale anonymously transferred 3.3 trillion SHIB to another wallet, according to data from Whale Alert.
3,367,037,381,943 SHIB have been dumped by an anonymous wallet, according to Whale Alert statistics. The unknown is the precise nature of the transfer. It’s unclear if the transfer represents a genuine sell-off or merely a typical movement of the token between the whale’s wallets.
The global crypto market cap has finally regained $1 trillion as all the major coins are trading in the green.
Wahid Pessarlay
Shiba Inu’s burn rate massively recovers in the past 24 hours
Shiba Inu (SHIB) just saw a massive burn rate spike while not many tokens were burned. According to the SHIB Burn tracker, Shiba Inu’s burn rate rose by 14,267.59% in the past 24 hours.
Source: SHIB BURN
The spike comes while the number of the burned tokens is still not massive. According to SHIB Burn, around $14.07 million tokens — worth roughly $155 at the time of writing — were sent to dead wallets in the past 24 hours.
The largest burn transaction in the past day, per SHIB Burn data, is roughly 9.8 million SHIB. Furthermore, only 97,991 tokens were burned the day before.
With the latest market recovery, Shiba Inu has also gained momentum. At the time of writing, SHIB is trading at $0.000011, up by 7% in the past 24 hours, according to data provided by CoinMarketCap.
Ads
SHIB’s market cap has also touched the $6 billion mark for the first time in 17 days.
The price action comes as the Luxembourg-based cryptocurrency exchange Bitstamp listed the second largest memecoin — top 14 cryptocurrency — for customers in the U.S., as U.Today reported.
Shiba Inu team has also brought a new concept art, called “Dunes,” to its SHIB Metaverse, U.Today reported on Tuesday.
On the other hand, a massive Shiba Inu whale, holding 3.3 trillion SHIB tokens — worth roughly $37 million at the time of writing — is on the move. The whale transferred the funds from one anonymous wallet to another.
The Shiba Inu (SHIB) community has been burning tokens for a while now. This burn is in an effort to reduce the supply of the meme coin, thereby increasing its value. There have been times where the burn has not been as high as expected but the community has been increasing its efforts to burn SHIB. This has led to a significant increase in the amount of SHIB being burned in the last week which could trigger some positive price movements.
Shiba Inu BurnSpikes Massively
Over the last 24 hours, there has been a massive rise in the amount of SHIB tokens being burned. Data from Shibburn on Twitter shows that there was approximately 23.3 million SHIB that were burned in the 24-hour period. Compared to the previous day, it is a more than 1,800% rise.
The tokens were burned across six different transactions, with a single wallet burning the majority of tokens. This wallet burned 19.2 billion SHIB in one transaction. But the total turn rate has plateaued since then as there have not been any more signifiant burns.
Presently, there have been 410.4 trillion SHIB that’s been burned. This figure also includes the amount that was burned by Ethereum founder Vitalik Buterin when about half of the total Shiba Inu supply was sent to his wallet. While approximately 30 trillion SHIB are currently staked.
The rise in the SHIB burn rate is significant but it is only so compared to the amount that was burned the previous day. When put into dollar figures, it is not so significant, neither is it so compared to the circulating supply of the meme coin.
The Shiba Inu burn has not really had much of an effect on the price of the digital asset since the Buterin burn and this continues to be the case with so little supply being burned. So while a 1,800% increase in burn rate may be impressive, it is still not enough to impact the price.
This is apparent given that the digital asset has not been able to knock off a zero off its price. It lost its hold on $0.00001 last week and has been unable to reclaim it. There are still sell-offs happening in the market to minimize losses and SHIB is not left out.
For a significant spike in the price of SHIB to occur, there would need to be more demand for the digital asset as well as more of the supply being taken out of circulation. However, this seems unlikely as momentum all across the crypto market remains low.
Featured image from Coinmarketcap, chart from TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Shiba Inu burn rate is up 1,494% after a massive burn of 147.5 million SHIB over the past week.
SHIB burn rate has steadily declined, weekly burn in October is similar to the daily burn in the month of August 2022.
A new Shiba Inu whale scooped up 3.36 trillion SHIB in a single transaction.
Shiba Inu’s burn rate has climbed 1,494% – a significant increase over the past 24 hours. Based on data from the portal that tracks Shiba Inu’s burn implementation and statistics, Shibburn, the pace of SHIB token destruction has picked up. Normally a bullish factor, the exponential increase in the burn rate is a reaction to SHIB price’s recent weakness, and holders are hopeful it will have a reversal effect.
Shiba Inu’s burn rate climbed because of this factor
Shibburn website statistics reveal that Shiba Inu’s burn rate has spiked up significantly over the past 24 hours. 45.16 million SHIB were burned over the past day and 147.5 million Shiba Inu tokens were permanently pulled out of circulation through last week.
Shiba Inu sent to a dead wallet address is permanently removed from circulation and considered burnt. There are two addresses that serve the purpose of dead wallets, identified as Burn Address one and two (BA-1 and BA-2) on the Shibburn portal. Several large wallet investors have contributed to the massive burn of the meme coin.
Shibburn burn transactions, SHIB tokens transferred to BA-1 or BA-2
In August 2022 the daily burn was higher than weekly burn in October 2022. Shiba Inu holders used to send one or two billion meme coins on average to “dead” wallets. The burn rate has declined consistently over the past two months so the recent sudden rise must be set against an overall decline in tokens burned.
Will Shiba Inu price eat a zero?
On October 19, Shiba Inu price suffered a decline, ‘adding’ a zero to the asset’s price (after the decimal stop). Shiba Inu is currently changing hands at $0.00000999. The Shiba Inu community typically increases the pace of SHIB burn and accumulates SHIB when the asset adds a zero. Combined efforts of Ethereum whales holding Shiba Inu and retail SHIB traders usually pushes the Dogecoin-killer’s price higher.
A whale wallet tracker platform @whale_alert alerted SHIB holders to a new whale who added 3.36 trillion Shiba Inu tokens in a single transaction on October 24. This is the first ever transaction by the whale, and the creation of more large wallet investors in Shiba Inu fuels bullish sentiment among holders.
Shiba Inu, a cryptocurrency that is a spin-off of dog-themed crypto Dogecoin, is counting on massive token burning rates to stop its decline.
Over the last 24 hours, over 45 million SHIB Tokens were burned
During the same time frame, Shiba Inu failed to increase its trading price
Analysts think the asset might “die” by the end of 2023
But despite the destruction of around 410 trillion of its supply since its introduction to the crypto space, SHIB failed to make any kind of rally as it continues to paint its charts in crimson.
Over the last 24 hours, there were over 45 million Shiba Inu tokens that were burned. That accounted for an impressive 1,860% spike in the asset’s burn activity.
This, however, failed to help the altcoin as it is price dropped during the same time period. At the time of this writing, the asset was trading at $0.00000997, based on tracking from Coingecko. It’s been down by 4.3% for the past week and 11.4% over the last 30 days.
The crypto’s community pinned their hopes on reducing its supply to stop it from experiencing another decline. That did not happen and investors are now cautioned to pay attention to SHIB’s metrics to know where the novelty digital coin is headed right now.
What Awaits SHIB In The Next Coming Days
While traders are still buying Shiba Inu, they are not holding the asset for long. Instead, they are using it to trade.
Source: TradingView
This is reflected in the crypto’s Accumulation and Distribution Line (ADL) which stood at 97.95 trillion. This level has helped the altcoin to establish the crucial $0.00000994 support marker.
More bad news for holders as SHIB’s Directional Movement Index (DMI) hints at its apparent fall to bears once again.
Moreover, the virtual currency’s Average Directional Index (ADI) at 23.58. If this number goes up over the next few days, it would put investors in a very difficult position to gain even just short-term profit.
Meanwhile, prediction for Shiba Inu from Coincodex reveals the cryptocurrency will maintain its current trading price over the next five days but will eventually decline to $0.00000556 30 days from now.
Shiba Inu Could Be Gone Next Year?
Some experts are predicting that SHIB, as a cryptocurrency, will die by the end of 2023 and there are very good reasons this might prove true.
For one, at present, there is no viable utility for the crypto asset and because of that, network activity and development won’t come as often as investors would want to.
The altcoin is also experiencing high supply inflation rate at 7.93%. Despite having a circulating supply that is close to 1 quadrillion, coins available for trading are very limited.
Furthermore, the burn mechanics that was thought to help in initiating price rallies for SHIB failed to meet the expectations of the asset’s community.
Investors must keep a close watch of Shiba Inu as it might be closing in on being a “dead” cryptocurrency.
SHIB total market cap at $5.46 billion on the daily chart | Featured image from Coopers Fire, Chart: TradingView.com
Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.
Shiba Inu (SHIB) has been called many names — from ‘Doge killer’ to meme token. Nonetheless, with the SHIB supply shrinking, can demand kick price gains in gear?
On Oct. 25, Shiba Inu’s burn rate spiked by a massive nearly 1800%, according to data from Shibburn.
Despite the SHIB price moving in a narrow range near the $0.0000100 level, there are signs of a break in volatility. This could lead to more significant moves for the token.
Burning SHIB, breaking barriers
The SHIB burn rate spiked by over 1,800%, with 23 million tokens burned within 24 hours. The recent burn brought the total number of SHIB tokens burnt to 410 trillion.
While burn events aim to decrease the supply, thereby increasing price and demand, it didn’t pan out well for SHIB.
Data from CoinMarketCap presented that 24-hour volumes for SHIB stood at $111 million, an 8.23% fall over the last day.
Additionally, from a social perspective, the weighted sentiment was still negative. Social volumes also oscillated at low levels.
At press time, the SHIB price dropped below the key support level and was trading for $0.000009986.
Nonetheless, SHIB’s volatility oscillated close to its all-time low level noting 35% on the charts. With volatility at such low levels and a larger market looking overheated, the Shiba Inu price could potentially break out of the consolidation it has been stuck in.
A look at IntoTheBlock’s In and Out of Money at Price presented that the next crucial level for SHIB is the $0.000010 mark, where 4.67 trillion SHIB is held by around 9.2K addresses. A fall below this level could lead to further losses pushing the SHIB price down to $0.0000090.
In case of a bullish turnover, the SHIB price could potentially see a push to the $0.0000110 mark.
For now, healthy demand for SHIB from entities such as ETH whales could support a price push. Interestingly, Shiba Inu was still high up on the ETH whales’ holding list, as shown in data from Whale Stats:
— WhaleStats (tracking crypto whales) (@WhaleStats) October 25, 2022
Even though ETH whales could support the SHIB price, retail trading momentum and an uptick in volume would be key for Shiba Inu going forward.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Shiba Inu (SHIB) coin price jumped 10% in the previous three days. Additionally, the Shiba Inu burn rate spiked at 14,267% early on Thursday.
Source: TradingView
