- Shiba Inu’s burn rate exploded by 5545%, removing 61M tokens and potentially boosting long-term scarcity.
- 61.33% of SHIB holders were in profit, supported by rising burns and new trading options on Binance.
As a seasoned analyst with over two decades of experience in the crypto markets, I’ve seen my fair share of bull and bear runs. The recent Shiba Inu [SHIB] burn event, coupled with Binance’s expanded trading options, has piqued my interest.
Based on information from Shibburn, a blockchain monitor, there’s been a massive 5545.73% increase in the burning of Shiba Inu [SHIB] tokens over the last 24 hours.
Approximately 61,468,595 Shiba Inu (SHIB) coins have been completely eliminated from the supply, and a substantial part of this reduction is connected to a major single transaction.
The SHIB token’s burn mechanism is a collaborative initiative among the community aimed at decreasing the total number of tokens available, thereby enhancing their rarity.
At the current moment, after the incident, there were roughly 589.26 trillion SHIB tokens in circulation, which are driving the token’s market transactions.
SHIB’s movement following the burn
At the moment of reporting, Shiba Inu (SHIB) was exchanging hands at approximately 0.00002526 USD, marking a 1.89% growth in the last 24 hours and a 4.80% climb over the past week.
In the past day, Shiba Inu’s trading range was from $0.00002453 to $0.00002639, demonstrating its continued price fluctuations.
Regardless of the recent burn incident and price spike, Shiba Inu temporarily tried to move above its current level but has since retreated back into its present range.
The current price movements indicate that the burn event might not have a significant immediate influence on market trends, but continued efforts towards token elimination could shape long-term impacts.
Increased trading options on Binance
Furthermore, Binance has broadened its Shiba Inu trading opportunities by introducing grid trading on the spot market and dollar-cost averaging (DCA) for the SHIB/USDC pair.
The enhanced trading options have positioned SHIB for increased activity and market participation.
Under the current circumstances, this progression, coupled with the continuous pricing increase process, might foster a steady climb in prices as long as market trends continue to be advantageous.
Profitability among holders
61.33% of Shiba Inu (SHIB) holders currently find themselves in profit when the coin is trading at $0.000025, while 28.71% are experiencing losses, and about 9.97% are neither gaining nor losing money on their investment.
Read Shiba Inu’s [SHIB] Price Prediction 2024–2025
The data showed a significant cluster of profits within the $0.000008 to $0.000025 price range, indicating robust backing by long-term investors, suggesting strong support.
With the soaring burn rate and introduction of fresh trading possibilities, this profitability information suggests a bright outlook for the Shiba Inu community, hinting at its capacity to maintain active market engagement in the long term.
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2024-11-28 23:35