Shiba Inu Price Soars with Over 300 Million SHIB Tokens Burnt in a Week
Highlights:
- Shiba Inu records a massive 17.8% upswing in 24-hours.
- Market participants attribute SHIB’s price surge to its remarkable over 300 million incinerated tokens in one week.
- Less than 50% of SHIB holders are in profit despite price spikes.
Over the past few weeks, Shiba Inu (SHIB) has struggled to gain momentum, evidenced by price drops across specific periods. The past month and week recorded price drops of about 40% and 10%, respectively, underscoring significant downtrends in SHIB market actions.
SHIB Peculiar Price Declines Driver
While the recent declines undoubtedly stemmed from the broader market collapse, other factors have also contributed to the price plunges. Notably, SHIB’s massive 589 trillion circulating pool has remained one of its main drawbacks, hindering the token’s price expansion.
Fortunately, the development team has identified the peculiar hindrances emanating from SHIB’s supply pool with efforts to remedy them. Hence, several projects like the Shibarium, with token incineration as a central focus, have graced the Shiba Inu ecosystem. However, considering the enormous SHIB supply pool, achieving a significant burn rate will not happen abruptly. Consequently, patience remains a virtue for SHIB holders hoping to cash in massively on the token.
Over 300 Million SHIB Incinerated in One Week
According to the Shiba Inu burns tracker handle on X, the community eliminated 348.3 million tokens in one week. Notedly, the post also revealed a whopping 317.71% surge in SHIB’s weekly burn rate.
Other relevant statistics disclosed that 3.65 million SHIBs were incinerated in the past 24 hours, reflecting a 70.47% drop in incineration rate. Furthermore, the past hour burned 1.6 million coins via two separate transactions.
HOURLY SHIB UPDATE$SHIB Price: $0.00001537 (1hr -0.32% ▼ | 24hr 18.28% ▲ )
Market Cap: $9,061,844,219 (17.81% ▲)
Total Supply: 589,272,558,178,735TOKENS BURNT
Past hour: 1,600,100 (2 transactions)
Past 24Hrs: 3,652,010 (-70.47% ▼)
Past 7 Days: 348,273,508 (317.71% ▲)— Shibburn (@shibburn) July 6, 2024
Shiba Inu Price Spike, Coincides with Over 300M Token Burns
At the time of writing, Shiba Inu is trading at approximately $0.000015, courtesy of a 17.8% surge in the past 24 hours. The canine-themed coin boasts a market cap of about $8.998 billion and ranks as the second most valuable meme coin.
While SHIB’s 24-hour trading volume might have declined by about 23.11%, it still possesses a reasonable value of $374.07 million. Considering its over 300 million remarkable burn rate, it is safe to say that SHIB incinerations contributed to its positive market actions.
Aside from the incineration rate, the broader crypto market correction had also influenced SHIB’s price action. Hence, the crypto market’s impacts should rank high when unraveling SHIB’s resurgence drivers.
Shiba Inu Risk Assessment Statistics
Despite its sumptuous burn rate and impressive market actions, Coincodex revealed that sentiment on Shiba Inu remains bearish. In addition, the canine-themed crypto has a very high volatility, with its “Fear & Greed Index” reflecting “Fear.”
Moving over to Shiba Inu’s risk assessment analysis, the variables appeared fair. Notably, it has outperformed 71% of the top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). Also, SHIB has increased by 120% in the past year and is in an oversold state, implying price spikes potential.
Overall, the only obvious risk on SHIB’s risk assessment stemmed from its 200-day Simple Moving Average (SMA) statistics. For context, Shiba Inu’s 200-day SMA is trading below average, depicting an unfavorable prognosis.
Despite Price Surges, Less Than 50% are in Profits
According to the data analytical platform IntoTheBlock, only 49% of SHIB holders are making gains at the coin’s current price. Notably, 6% are neither gaining nor losing, while 45% are outrightly incurring losses.
Comparatively, the above data says a lot about SHIB’s debilitating declines. Also, it depicts why many market participants, hoping to recover from their losses, have placed SHIB on their watchlists.
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Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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