- 719 million Shiba Inu tokens were burnt in the past 24 hours, removing them from circulation permanently.
- Shiba Inu burn rate climbed 136% overnight after a massive burn of the meme coin’s tokens.
- Analysts identified how to profitably trade Shiba Inu despite the decline in SHIB.
Shiba Inu burn reduced the circulating supply of the meme coin, pulling 719 million out permanently. A spike in burn rate fuels a bullish sentiment among investors. Analysts have a bearish outlook on Shiba Inu price and identified ways to trade SHIB profitably despite the decline.
Also read: Ethereum whales double down on Shiba Inu holdings in a bear market
Shib Army crusade continues with massive SHIB burn
Shiba Inu continued massive burns of SHIB tokens over the weekend. The supply of Shiba Inu in circulation has reduced consistently with the rise in the number of tokens sent to dead wallets. A massive portion of the 719 million burn took place over the weekend. The burn rate climbed 136% with the spike in the burn of Dogecoin-killer tokens.
Based on data from Shibburn, a total of 410.35 trillion tokens have been destroyed since the beginning of burn implementation in the Dogecoin-killer token. With several community initiatives, Shiba Inu tokens are being burnt consistently, with the destruction of 225.2 million overnight and 719 million tokens in the past 48 hours.
Whales hold 646 million in Shiba Inu
Based on data from WhaleStats, Ethereum whale addresses contain $646 million worth of Shiba Inu tokens. The second-largest meme coin in the crypto ecosystem is included in whales' portfolio alongside top-rated cryptocurrencies MATIC, MANA and LINK. Shiba Inu is the largest holding by USD value in the whales’ portfolio.
The announcement of the new SHIB Burn Visa card on July 25, 2022, fueled a bullish sentiment among holders. A massive burn followed, the slogan “Make Payments, Burn SHIB,” on crypto Twitter.
Shiba Inu holders count on the rise
Shiba Inu continues to set record-breaking milestones in the total number of addresses in its network. SHIB has 1,215,00 holders, and the rise in holder count signals long-term investor interest. Analysts consider this a positive sign for the Shiba Inu ecosystem and SHIB holders.
Analysts predict a 26% crash in Shiba Inu price
Analysts at FXStreet predicted a decline in Shiba Inu price and identified how to trade the asset profitably. For price levels and more information, check the video below:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum prices struggle after mixed US NFP data
BTC and ETH prices experienced a temporary pullback as crypto market participants reacted to the news of the US NFP data release for May. Similar to the situation in April, the number of Nonfarm Payrolls added far exceeded the market’s expectations.
Solana: A break above $26.30 would spell doom for bears
SOL price has been trading with a bullish bias after an explosive breakout on December 30. However, because of volatility and the gloom in the broader crypto market, SOL has been unable to break above a key hurdle at $26.30, causing the price to trade sideways.
Bitcoin Weekly Forecast: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.
China crypto community picks Ethereum, Arbitrum and BNB Chain as top protocols
Ethereum, Arbitrum and BNB Chain protocols are top picks for the Chinese crypto community, data from a report shows, a possible bullish catalyst for tokens related to these protocols as Hong Kong opens the door of crypto to retail investors.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.