- Shiba Inu’s burn rate surged by 482.88%, but the price lost 10% on the weekly charts
Ethereum ETF’s launch could influence SHIB’s price
As a seasoned crypto investor with years of experience, I have seen my fair share of market volatility and unexpected developments. The recent surge in Shiba Inu’s (SHIB) burn rate by 482.88% was an intriguing development that left me both hopeful and skeptical.
Shiba Inu (SHIB) has experienced a significant drop in value lately, with its price falling more than 10% each week based on statistics from Coingecko. Surprisingly, this downturn comes amidst noteworthy advancements within the Shiba Inu community and pivotal happenings in the larger cryptocurrency market.
Shiba Inu’s burn rate
As a crypto investor, I’ve noticed an uptick in Shiba Inu’s burn rate recently, which aligns with the announcement of the Ethereum ETF launch. In fact, within just 24 hours, the burn rate metric surged by an astounding 482.88%. This significant increase suggests renewed excitement and interest in the memecoin among investors. However, it’s unclear if this surge in burn rate is a direct result of the ETF news or if it’s a continuation of previous trends from earlier in the week.
Based on Shibburn’s report, approximately 60 million SHIB tokens have been torched recently, thereby decreasing the number of tokens held in deceased wallets.
As a seasoned cryptocurrency investor with years of experience in the market, I’d say that based on the hourly update you provided, Shiba Inu (SHIB) has seen a slight increase in price by 0.17% over the past hour. However, this uptick is not enough to offset the negative trend from the previous 24 hours, where SHIB experienced a 2.04% decrease in value. The current market capitalization of Shiba Inu stands at $10,254,770,615, reflecting this downward trend. With a total supply of 589,272,293,531,457 tokens, it’s essential to keep an eye on both short-term and long-term price movements when considering investment opportunities in Shiba Inu or any other cryptocurrency.
TOKENS BURNTPast 24Hrs: 60,380,203 (482.88% ▲)Past 7 Days: 135,026,217 (27.66% ▲)
— Shibburn (@shibburn) July 23, 2024
Over the last week, the rate at which SHIB tokens were being burned has displayed unpredictable patterns, with a total of 135 million SHIB tokens being incinerated. Notably, five distinct wallets played significant roles in the most recent burning event, each transferring over 9.9 million SHIB to inactive wallets as reported by Shibburn.
Up to now, the Shiba Inu system has destroyed a grand total of 410 trillion SHIB tokens, while there are currently 583 trillion SHIB tokens still in existence.
Where is the memecoin’s price heading?
As a crypto investor, I’ve noticed something surprising about Shiba Inu’s price action despite the heightened burn rate. Contrary to my expectations, the coin’s value hasn’t mirrored the anticipated advantages this development was supposed to bring.
At the moment of publication, SHIB was priced at $0.00001737 on the exchange, marking a decrease of approximately 2.45% within the past 24 hours. This downward trend mirrored the memecoin’s increased volatility, as it had shed around 10% of its value during the preceding seven-day period.
Over the past month, SHIB‘s price has fluctuated significantly, reaching a low of $0.000012 and rebounding to surpass $0.000020, only to settle around $0.000017 currently. This rollercoaster ride underscores the market’s inherent unpredictability.
Historically, Shiba Inu’s burn rate has been designed to decrease the number of tokens in circulation. This reduction aims to create a sense of scarcity in the market, which could theoretically lead to an increase in token value.
Despite the substantial amount burned and reduced supply, Shib’s market behavior has yet to reflect this economic concept. The significance of the burnt tokens and current supply still needs to manifest in the form of noticeable price changes.
Ethereum ETF launch and surge in SHIB whale activity
Today marks the anticipated debut of the Ethereum ETF for trading, an event that could significantly impact the wider cryptocurrency sphere, potentially benefiting Shiba Inu as well. Analysts are keeping a keen eye on this development, hoping it may aid SHIB in rebounding from its recent price declines.
The ETF might rekindle market enthusiasm and favorable attitudes towards it, which could positively impact SHIB.
According to IntoTheBlock’s analysis, there has been a notable increase in the number of large-scale Shiba Inu token transfers among crypto whales.
In the past week, we’ve observed a rise in the number of transactions by major investors, with a notable uptick in net sales – Indicating substantial selling activity.
Large investors or holders often reduce the amount of Shiba Inu tokens they keep in their accounts when they decide to sell. Such a decrease in net flows from these significant investors might have played a role in the recent price drops observed in the Shiba Inu market.
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2024-07-24 09:12