As an experienced analyst, I find the recent developments in the Shiba Inu (SHIB) ecosystem intriguing. The significant increase in the SHIB burn rate over the past day is a noteworthy trend that has caught my attention. According to data from Shibburn explorer, approximately 6.9 million SHIB tokens have been removed from circulation through ten separate transactions. This represents a 62.58% increase in the daily burn rate.
As an analyst, I’ve noticed an intriguing development in the Shiba Inu (SHIB) ecosystem: the pace at which SHIB tokens are getting burned has noticeably quickened, despite a relatively mild uptick in the coin’s price.
According to the latest figures from Shibburn Explorer, there has been a significant surge in the SHIB burning rate, amounting to a 62.58% rise over the last 24 hours. This translates to approximately 6.9 million SHIB tokens being taken out of circulation through ten distinct transactions.
Recent SHIB Burn Events And Market Response: A Detailed Analysis
Ten transaction records reveal that the largest individual Shib token transfers amounted to 2.55 million, 1.5 million, and 1 million tokens.
Last week, approximately 57.6 million SHIB tokens were eliminated from circulation, which is around 57% less than the number burned in the preceding week. This signifies a decreasing weekly burn rate for SHIB.
HOURLY SHIB UPDATE$SHIB Price: $0.00002383 (1hr -1.77% ▼ | 24hr -3.80% ▼ )
Market Cap: $14,172,538,490 (-2.80% ▼)
Total Supply: 589,273,577,774,968
TOKENS BURNT
Past 24Hrs: 6,985,600 (62.58% ▲)
Past 7 Days: 57,671,544 (-56.28% ▼)
— Shibburn (@shibburn) May 20, 2024
As a researcher observing the market trends, I’ve noticed an aggressive approach taken in the last day to reduce the supply of Shiba Inu (SHIB). However, this effort has not been reflected in the coin’s price as expected. SHIB has experienced only a modest increase, climbing by 0.1% over the past day and 1.6% over the previous week.
The growth of this meme coin during the last week has been relatively modest in comparison to other coins such as PEPE, BOME, and FLOKI. While these coins experienced gains of 11.6%, 8.9%, and 6.5% respectively, this particular coin only showed an increase.
Over the course of SHIB‘s existence, around 410.73 trillion tokens have been burned in total. This represents a considerable portion of the initial supply of one quadrillion SHIB that was generated by the mysterious creator Ryoshi back in 2020.
Approximately 582.99 trillion SHIB are currently in circulation as Shiba Inu, while an extra 6.28 trillion SHIB are held in staking pools.
Shibarium’s Downturn and Bullish Predictions for Shiba Inu Price
From my perspective as an analyst, I’ve noticed that the Shibarium layer-2 solution, which aims to boost Shiba Inu’s scalability and efficiency, has seen a decrease in on-chain activity recently.
The number of daily transactions has declined significantly to around 11,910, a steep drop of over 90% compared to the 121,910 transactions that were processed in the heart of last month.
Approximately 417.5 million transfers have been processed on this blockchain platform, involving over 1.8 million active wallets.
As a crypto investor and follower of market trends, I’ve observed the recent ups and downs in the market, but I want to share some optimism about Shiba Inu’s price action from my perspective as an analyst. Lately, I’ve noticed that this meme coin has been forming a descending wedge pattern on the one-day timeframe. This technical formation suggests potential for a bullish reversal once the support level is reached and broken. Of course, this is just one possible scenario and investing in crypto always comes with risks, but I believe it’s important to keep an open mind and consider various perspectives when analyzing market trends.
As a financial analyst, based on Dami Defi’s assessment, I can infer that if Shiba Inu (SHIB) manages to breach its current pattern, there is a strong likelihood of witnessing a significant price surge exceeding 50%. This increase could potentially push the SHIB token value up to around $0.000035.
$SHIB formed a falling wedge pattern on the 1D time frame
If we breakout, a price pump of 50% + is expected
Memeseason continues.
— Dami-Defi (@DamiDefi) May 15, 2024
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2024-05-21 03:05