719 million Shiba Inu tokens destroyed, burn rate explodes overnight

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.

Ekta Mourya FXStreet

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:

Author

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

XRP recovers slightly as bearish sentiment dominates crypto market

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