SHIB Burn Rate Skyrockets 133%, Is a Break Above $0.00001653 Imminent?
The post SHIB Burn Rate Skyrockets 133%, Is a Break Above $0.00001653 Imminent? appeared on BitcoinEthereumNews.com.
SHIB is trading at $0.0000154, marking a 2.70% daily decline. Whale transactions on the Shiba Inu network have decreased by 79% since December. Shiba Inu’s burn rate has surged by 133.66% in the last 24 hours. The second largest memecoin, Shiba Inu (SHIB), has been trading sluggishly recently, struggling to break the downtrend for months. Over the past 24 hours, the memecoin attempted to break the $0.00001600 but failed as the bears overtook the bulls. As the bearish momentum gained control, the memecoin faced a pullback in the $0.00001487 region. At press time, SHIB has recovered slightly and trades at $0.0000154, recording a decline of 2.70% on the daily chart, according to CMC data. Moreover, the memecoin is down 7% and 22% on the weekly and monthly charts, respectively. Its market cap has dropped to $9.06 billion while the 24-hour trading volume surged by 40% to $245 million, indicating an increased market activity in Shiba Inu’s market. Whale Activity on Shiba Inu Network Sees Significant Decline The number of whale transactions has significantly diminished across the Shiba Inu network during the last three months. The number of large wallet transactions on Shiba Inu dropped 79% throughout the period starting from December 2024 according to cryptocurrency expert Ali Martinez. Santiment’s data shows this downturn, with transfers greater than $1 million dropping significantly. This decline follows the decline in SHIB’s price, which has dropped from $0.000033 to $0.000016 during this period. SHIB Burn Rate Surges Amid Market Slowdown As whale activity decreased, the Shiba Inu community increased its token burning. The Shibburn data indicates that SHIB token destroy rates increased by 133.66% in the last 24 hours. Through multiple transactions, the community burnt off 34,245,582 SHIB tokens from its circulating supply. HOURLY SHIB UPDATE$SHIB Price: $0.00001508 (1hr 0.07% ▲ | 24hr -3.01%…
Filed under: News - @ February 22, 2025 5:21 pm