The Shiba Inu Community Continues to Burn SHIB Tokens at an Unprecedented Rate
Shiba Inu token holders are on a burning spree, with the latest burn campaign resulting in the highest increase in burn rate since the token’s inception. In just 24 hours, the community burned an impressive 8.35 billion SHIB tokens, leading to a staggering 7.6 million percent increase in burn rate.
A Single Address Dominates the Burning Activity
Interestingly, data from Shibburn reveals that a single address, known as Shiba-swap.eth or “Shiba Inu: Deployer 2,” is responsible for the majority of the burns. This address sent over 8 billion tokens to the SHIB burn address, resulting in the incineration of over $74,000 worth of tokens. In the past week alone, more than 8.5 billion tokens have been burned.
Impact on Shiba Inu Price
While the burn rate has skyrocketed, the price of Shiba Inu has experienced a decline. After reaching a local high of $0.0000094 earlier in the week, the price has retraced and is currently down almost 5%. Bulls are facing resistance at the $0.000009 level, making it challenging to push the price towards $0.00001. Additionally, daily trading volume for Shiba Inu has decreased by 31.2%, indicating a decline in investor interest.
Hot Take: Future Outlook for Shiba Inu
The continuous burning of SHIB tokens showcases the dedication and commitment of the Shiba Inu community. However, despite this burning frenzy, the token’s price is struggling to gain momentum and faces resistance at key levels. The decline in trading volume further suggests waning investor interest. To reverse this trend, bulls will need to overcome resistance and reignite enthusiasm among investors. Otherwise, the SHIB price may continue to decline in the near future.
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