The Shiba Inu Token Surpasses 3.7 Million Addresses
The Shiba Inu token (SHIB) has achieved an impressive milestone, with over 3.7 million addresses now holding the cryptocurrency. According to Glassnode, the total number of unique addresses involved in SHIB transactions has reached approximately 3.74 million. Data from CoinMarketCap further reveals that out of these addresses, about 1.23 million contain tokens valued at less than $1,000, while 98,200 addresses hold tokens worth between $1,000 and $100,000. Only a small number of addresses, less than 2,000, have tokens exceeding $100,000.
Significant Surge in SHIB Burn Rate
In recent news, the burn rate of the meme coin SHIB has skyrocketed by an astonishing 2,068.92% in just one day. This surge in burning activities has led to the removal of more than 53.5 million SHIB tokens from circulation. The Shiba Inu team has been actively implementing automated SHIB burns as part of their initiative to enhance the utility of the token and address inflation concerns. These efforts were first announced in a blog post in early December 2023 and involve burning a substantial amount of SHIB tokens.
Struggles in SHIB Price Movement
Despite the increasing number of addresses and the significant burn rate, the price of SHIB has been facing challenges in gaining momentum. Currently valued at $0.000009499, SHIB has experienced a decline of 1.81% over the past 24 hours and a 9.7% decrease over the week. The token’s price has also fallen by 5.3% and 12.7% in the last month and fortnight, respectively. However, data from Santiment indicates that SHIB’s exchange supply has been steadily decreasing over the past 30 days, suggesting a growing trend among investors to hold onto their SHIB tokens.
Hot Take: SHIB’s Milestone Addresses and Burning Activities
The Shiba Inu token (SHIB) has reached an impressive milestone with over 3.7 million addresses holding the cryptocurrency. Despite this achievement, SHIB’s price struggles to gain traction, experiencing declines in recent weeks. However, the burn rate of SHIB has surged by over 2,000% in a day, indicating active efforts by the Shiba Inu team to address inflation concerns through automated burns. While the market price may fluctuate, the increasing number of addresses and burning activities demonstrate ongoing interest and engagement with SHIB as a meme coin.
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