Burn Rate Jumped 230% in SHIB: Here’s What Will Raise The Price In The Long Term!

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  • One of the most popular meme cryptocurrencies in the world Shiba Inu (SHIB) In the last hours, millions of SHIBs in various transactions were sent to dead wallets by the community

A tracking platform that actively burns SHIB and can track the amount of SHIB tokens burned by the Shiba Inu community. shibburn According to data shared by the website, the burn rate of the Shiba Inu has increased significantly, about 231 percent. It was reported by the Shibburn Twitter account that some of the 196,820,007 SHIB tokens were destroyed about 10 hours ago, and this was done in 25 transactions.

Apart from these large transactions, millions of meme coins have been transferred to dead wallets in various transactions in the last few hours.

shib burn

community member long term SHIB priceexplained what was needed to raise the

Shiba Inu community member “Gossip SHIB” Shiba Inu priceto raise their daily continuous burningbelieves they are necessary. Referring to the Shib lead developer’s words that Shibaswap will be a major answer to the SHIB price, the investor stated that the burn portal has already happened, pointing out that per-transaction burns and the arrival of the blockchain game could also be bullish signs:

“The all-time high in SHIB was accompanied by adoption backed by a near-zero burn rate.

Burns will help a lot, but we need constant daily burns.”

Expectations rise at SHIB

As noted recently, the prospects for new projects such as the SHI stablecoin, which SHIB lead developer Shytoshi Kusama said could launch in 2022, are also increasing. According to the latest updates shared by Unification, the Shibarium beta phase could start in Q3 of 2022.

Shiba Inu price may be ready for short-term action

SHIB is trading at $0.000011, down nearly 4%, according to data from CoinMarketCap.

The relative strength index, which is a momentum indicator, Shiba Inu priceIt may indicate that the market is ready for a short-term move. The indicator is currently above the neutral mark at 50 and meanwhile at the level of the “55” mark which indicates that buyers have an advantage. The Shiba Inu is also trading above the previous short term barrier at $0.0000010. If buyers emerge at current prices, the next major resistance level is located at $0.000021, while if rejected, a retest of the SHIB support at $0.000010 is expected.

shiba inu

Trillion purchase from giant whale

As we have previously reported by KoinFinans Shiba Inu (SHIB) recently announced some of its upcoming projects and updates to strengthen its ecosystem. In response to these news, Ethereum (ETH) whales started accumulating SHIB tokens heavily.

After these massive purchases, the Shiba Inu is again among the seven most purchased assets by the first 2,000 ETH whales, according to data provided by popular whale watching platform WhaleStats.

Alongside these, on July 8, an ETH whale wallet named “Gimli,” popularly known as a Shiba Inu whale, went on a massive buying spree. The whale reportedly added 1 trillion in SHIB to its wallet in multiple transactions, each worth more than 250 billion, and the whale’s assets reached 11.4 trillion.

Shiba Inu is also among the top 10 cryptocurrencies in terms of trading volume among the top 100 and 5,000 ETH whales.

New holders continue to flock to SHIB

According to a SHIBArmy Community moderator known on Twitter as ShibBPP, the number of Shiba Inu holders has increased significantly over the past week, reaching a new historic high.

According to the tweet, the popular meme coin currently has 1,196,114 Shiba Inu holders, with a total of 557,620,161,109,259 tokens in circulation and 32,000,595,310,351 tokens staked in various DeFi projects.

On July 2, that amount stood at 1,190,350 Shib investors, which means that over the past week, around 1,000,000 new holders are joining the Shiba Inu per day.

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.


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