As a seasoned crypto investor, I’ve seen my fair share of ups and downs in the market, and I must admit that the recent development regarding Shiba Inu’s (SHIB) burn rate has piqued my interest. The sudden decline in the number of tokens burned, as indicated by a 99.44% drop in the last 24 hours, is concerning, especially given the significant role that token burns have played in SHIB’s ecosystem.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing turn of events with Shiba Inu (SHIB). The rate at which tokens are being burned has significantly decreased, a development that warrants attention given the known influence of token burns on this meme coin.
Shiba Inu Burn Rate Crashes By Over 99%
According to Shibburn’s burn data, the rate at which Shiba Inu tokens were being burned has dropped by a massive 99.44% in the last 24 hours. A mere 120,888 Shiba Inu tokens have been eliminated from circulation during this time frame, significantly less than the over 21 million tokens that were burned just the day before.
The unpredictability in the amount of Shiba Inu tokens destroyed each day persists as a challenge for the coin’s community. This predicament is thought to largely result from the substantial decrease in daily transactions on the Shibarium platform. Notably, this layer-2 solution has been instrumental in the burning of approximately 76 billion Shiba Inu tokens during the previous year.
Despite a significant decrease in daily transactions on Shibarium since the beginning of the year, with numbers dropping from millions reported last year to only a few thousand currently, the platform’s influence on token burns has been minimal. Consequently, Shiba Inu burns, which were previously funded using a portion of transaction fees, have not been implemented as effectively as before.
While the burn rate of Shiba Inu has decreased by more than 99% in the past, there is a silver lining: it has grown by nearly 15% within the last week. This uptick is a promising sign for the Shiba Inu community, and a development they are sure to be pleased about. However, efforts must continue to maintain this trend, as its potential positive effects on Shiba Inu’s price could be significant, particularly as we approach the latter stages of the bull market.
SHIB Price Remains Unaffected
The price of Shiba Inu has been climbing recently, even as the burn rate decreases. According to CoinMarketCap, this popular meme coin has surged by more than 8% in the past 24 hours. Additionally, there has been a notable increase of over 7% in Shiba Inu’s trading volume during the same period, indicating that investors remain optimistic about its prospects.
As a researcher studying the cryptocurrency market, I’ve discovered some intriguing on-chain metrics related to Shiba Inu, the popular meme coin. According to market intelligence platform IntoTheBlock, large investors, or “whales,” have been amassing Shiba Inu tokens in the past few days. Furthermore, SpotOnChain, an on-chain analytics tool, has identified a whale transaction that occurred recently, where this significant investor obtained 149.3 SHIB tokens. These findings suggest that these large investors hold a bullish view on Shiba Inu and may be anticipating price growth.
Over the past period, there’s been significant expansion in the Shiba Inu network, implying that an influx of new crypto investors is shifting their funds towards the meme coin. The trend is anticipated to persist, with meme coins expected to be a major theme driving demand during this bull market.
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-06-05 17:11