The Decrease in Shiba Inu Burn Rate Explained 📉
The meme-inspired cryptocurrency Shiba Inu ($SHIB) has experienced a significant decrease in its burn rate over the past month, with approximately 380 million tokens, valued at over $6,000, being sent to burn addresses in July. This drop in burn rate marks a 58.57% decrease from previous levels, reaching a peak of 70 million tokens burned daily on July 11.
Understanding Burn Addresses 🔥
– Shiba Inu utilizes three burn addresses within the Ethereum network
– These addresses are not controlled by any individual, leading to a removal of tokens from circulation once sent to these addresses
Market Trends Impacting SHIB Price 💸
– SHIB price has fallen by 6.8% in the past month and over 5% in the last week
– The broader cryptocurrency market downturn, with Bitcoin dropping 1.4% to $64,500 in a week, has also influenced SHIB’s price fluctuations
Shifts in Whale Wallet Activities 🐋
– On-chain data indicates accumulation of SHIB among non-exchange whale wallets
– Top 150 exchange wallets have experienced a significant decrease in SHIB holdings, while non-exchange whales have increased their holdings by approximately 6.57 trillion tokens
Investors typically store cryptocurrencies on exchanges for quick access to sell, so a reduction in exchange holdings may indicate a decrease in the available supply of SHIB for immediate sale.
Hot Take: Stay Informed and Adapt 🚀
The shifting dynamics in Shiba Inu’s burn rate and whale wallet activities highlight the importance of staying informed about market trends and adapting to changing conditions. As the cryptocurrency landscape evolves, being aware of these factors can help you make informed decisions and navigate the market effectively.
By
By
By
By
By
By