- While more than 1 billion burns took place in the last week in a meme coin, which is known for its continuous and intense burning, the price of the token has entered a positive trend as a result of investors’ expectations and positive market movement. We, as KoinFinans, analyzed the burning data, the price movements of Shiba Inu and the bull run expectations of the traders.
A tracking platform where the amount of SHIB tokens burned by the Shiba Inu community can be tracked, which is actively burning SHIB. shibburn According to the data shared by the website, more than 76.27 million in the last 24 hours and more than 1.21 billion in the last 7 days. Shiba Inu (SHIB) was burned. In addition to these, one of the community-led incineration projects is 300. Bone ShibaSwap (BONE) burning was done.
1.21 billion burns in 104 separate transactions
Shibburn data shows that approximately 1.21 billion tokens were burned in the dog-themed cryptocurrency Shiba Inu (SHIB) in 104 separate transactions last week. This week’s burns were marked by 1Cent Token and Travis Johnson’s SHIB Super Store, making it one of the week’s leading contributors to the SHIB Burn.
1CENT also has 300 Shiba Inu ecosystem management tokens. Bone ShibaSwap (BONE) lit.
According to a new tweet from Shibaburn.com, the Shiba Inu Community has sent a total of 1,217,385,404 (1.21 billion) SHIB tokens to “inferno” addresses in 104 separate transactions in the past seven days.
In the last 7 days, there have been a total of 1,217,385,404 $SHIB tokens burned and 104 transactions. #shibarmy
— Shibburn (@shibburn) July 17, 2022
Among the leading SHIB Burners, Travis Johnson’s SHIB Super Store burned the most Shiba Inu tokens in a week. 1CENT token carried out the second major Shiba Inu cremation.
Travis Johnson’s SHIB Super Storeremoved a total of 48,205,328 (48.20M) SHIBs from circulation forever in a significant transaction through the SHIB Burn Portal.
The only token dedicated to burning the other two tokens of the Shiba Inu ecosystem, namely SHIB and BONE. 1centheld its weekly burning event on July 12 (Tuesday). The team burned a total of 40,007,315 (40.00M) SHIBs in one significant transaction. At the same time, the project took another action and removed from circulation a total of 300 Bone ShibaSwaps (BONEs), the management token of the Shiba Inu ecosystem.
Burn in the last 24 hours
Again, according to Shibburn.com, the Shiba Inu community has received 76,275,825 (76.27M) dead wallets through 16 unique transactions in the last 24 hours using the SHIB Burn Portal, along with weekly burns. SHIB token Delivered.
In the past 24 hours, there have been a total of 76,275,825 $SHIB tokens burned and 16 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) July 18, 2022
Shiba Inu price continues to rise
While the community behind the second most popular meme cryptocurrency continues to stand behind the token and perform massive burns, the Shiba Inu is trading at $0.001226, breaking past one-month highs of 0.00001174 and Bitcoin (BTC), which is in an uptrend. It joins crypto giants like Ethereum (ETH) and Solana (SOL).
While the market value of SHIB increased by 12 percent in line with today’s price increase, Shiba Inu’s 24-hour trading volume in the last 24 hours increased by an astonishing 144 percent. Over $664 million in SHIB tokens were traded in the past day, indicating the tremendous market momentum behind the token.
Binance leads Shiba Inu trading volume with over $200 million in exchanges across multiple SHIB pairs in the last 24 hours, followed by Coinbase with over $63 million, Gate.io and KuCoin with $18 million and $12 million, respectively.
Does SHIB’s trading volume point to bull run prospects?
The significant increase in SHIB’s trading volume indicates that many traders and investors are waiting around the corner and waiting for an opportunity to buy on SHIB and secure profits ahead of the next bull run.
According to Shiba Inu core developer Shytoshi Kusama, the team will always continue to work on burning SHIB tokens as it is one of the common requests among community members. Kusama said in a tweet on July 17: told:
“Great teams will require a real community effort, and we’re working on that on multiple fronts. It will take time, but I hope the timing will be perfect!”
Massive burns will require a true community effort and we are working towards it on many levels. Will take time and I hope the timing works out perfect!
— Shytoshi Kusama™ (@ShytoshiKusama) July 18, 2022
Shiba Inu Price Estimated
According to analysts, it seems quite likely that Shiba Inu will test whether support is held at the current $0.00001200 before attempting to break the 0.00001300 level. If Bitcoin (BTC) and Ethereum (ETH) continue to post positive price movements and price gains, SHIB is also expected to undisputedly break the $0.00001300 level and try to identify this level as new support.
As Shiba Inu follows Ethereum price action and Ethereum follows the price action of the stock markets, Bitcoin and Ethereum continue to rise unless the stock markets experience a correction in the near future, resulting in more bullish momentum for SHIB. expected to live.
In addition, if the Shiba Inu team manages to organize additional burning events, SHIB price It is expected that it can quickly push towards the $0.000002000 level and as traders rush to the meme token due to FOMO, these can snowball into crazy bullish momentum.
While the enthusiasm surrounding meme tokens, which peaked in early November, seems to have died out in recent months, communities around meme currencies remain strong.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.