- Shiba Inu experienced a staggering 338% increase in its weekly burn rate.
- The cryptocurrency observed a significant 225% surge in large holder inflows over seven days.
- Maintaining the critical range where 45 trillion SHIB tokens are held is paramount for price stability.
Shiba Inu (SHIB) has witnessed a remarkable escalation in its burn rate, soaring over 330% within the span of a week. This strategic move has seen millions of SHIB tokens being systematically incinerated, marking a substantial reduction in the total token supply.
HOURLY SHIB UPDATE$SHIB Price: $0.00002261 (1hr -0.16% ▼ | 24hr 0.26% ▲ )
Market Cap: $13,322,019,514 (0.29% ▲)
Total Supply: 589,273,648,402,449TOKENS BURNT
Past 24Hrs: 30,384,330 (-27.27% ▼)
Past 7 Days: 200,591,910 (338.77% ▲)— Shibburn (@shibburn) May 12, 2024
Despite this impressive surge in the weekly burn rate, the daily burn rate experienced a slight downturn, declining by 27.27% over the past 24 hours. Nevertheless, the overarching commitment to reducing the token supply remains a focal point for Shiba Inu, reflecting its dedication to bolstering its long-term value proposition.
Additionally, amidst these developments, Shiba Inu has also witnessed a substantial uptick in a crucial metric tracking the inflow of funds into whale addresses, commonly referred to as large holder inflows. This surge, totaling an impressive 225% over the course of seven days, suggests a heightened interest from major stakeholders in the cryptocurrency’s trajectory.
As Shiba Inu continues to navigate its growth trajectory, various initiatives aimed at expanding utility, fostering community engagement, and driving innovation remain at the forefront. Meanwhile, the cryptocurrency market at large has experienced relatively subdued trading conditions, with SHIB displaying a marginal decline of 0.14% over the past 24 hours, hovering at $0.00002256.
Central to the recent price action of Shiba Inu is a critical range where a significant number of SHIB addresses hold approximately 45 trillion tokens. This range acts as a pivotal support level for the SHIB price, with a breach potentially triggering a descent towards the next support range. Conversely, the next resistance range lies slightly higher, presenting a formidable barrier to further price appreciation.