Shiba Inu Community Destroys 35 Million SHIB, Will It Shift The Momentum?
April 12 2023 - 1:30PM
NEWSBTC
The Shiba Inu community continues its burn spree, with
approximately 35 million SHIB burned in one day. According to the
update from Shibburn, 25 million of the total burned tokens came
from a single wallet. The community has consistently been burning
Shiba Inu, and billions of tokens have entered the dead wallets.
The burn initiative is to reduce the meme coin’s circulation and
possibly boost its price. Active Shiba Inu Addresses Increase An
April 12 update from the SHIB burn tracker, Shibburn, noted that
34,924,913 Shiba Inu tokens entered the dead wallets in 3
transactions. The largest of the three burn transactions came from
a Coinbase-linked wallet called Coinbase 10. Related Reading: South
Korea Plans A Key Arrest Relating To Terra (LUNA) Crisis On-chain
data shows the wallet transferred 25,313,097 SHIB, worth about
25.31 million, to the dead wallets in a single transaction.
Following this development, Shiba Inu burn rates spiked by 1,108%
against the previous day’s 2.3 billion SHIB tokens burned. Over the
past seven days, the Shiba Inu community has burned approximately
1.27 billion SHIB tokens, with the debut token Koyo (KOY) executing
the highest. According to reports, Koyo (KOY) initiated an
incredibly massive burn transaction on April 9, wiping 1.10 billion
SHIB tokens from circulation. The massive spike in burn rate has
yielded positive results for the Shiba Inu community as the number
of active SHIB holders increased. At press time, approximately 1.28
million unique wallet addresses hold Shiba Inu tokens. And the
community expects this to increase further to 1.3 million in no
time. SHIB Price Outlook Amid New Community Developments Meanwhile,
the Shiba Inu community is still pursuing more ecosystem
developments. The developers of Shiba Inu’s metaverse project have
released an update regarding the progress of their endeavor.
The team unveiled its developmental goals while announcing a new
Twitter handle dedicated to increasing the project’s awareness in
the crypto community. SHIB is trading in a downtrend below
yesterday’s closing price of $0.00001106. The asset has formed a
red candle with a long lower wick on the daily chart today,
reflecting the selling pressure in the market. It is trading below
its 50-day Simple Moving Average (SMA), a short-term bearish
sentiment. However, it is still above its 200-day SMA but is
descending and might drop below the indicator. Related Reading:
LUNC: Unveiling Terra Classic NFTs That Could Spark A Price
Resurgence SHIB is currently in a bearish phase. A short-term
decline for the asset may occur before it rallies again if the
bulls gain the upper hand. At press time, Shiba Inu’s price has
declined by 1.27% and trades at $0.000014, with a 24-hour trading
volume of $195 billion. Featured image from Pixabay and chart from
Tradingview.com
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