Dogecoin-killer Shiba Inu adds 30,000 new holders after burning 410.3 trillion SHIB


  • Shiba Inu burn portal revealed a burn of 410.3 trillion SHIB tokens, of which 226 million were burned overnight. 
  • SHIB added 30,000 new holders, as the Dogecoin-killer’s token burn continued, reducing its circulating supply. 
  • Analysts have a negative outlook on Shiba Inu for the near term, as selling pressure on the Dogecoin-killer increases. 

Dogecoin-killer Shiba Inu has witnessed a spike in the number of holders of SHIB tokens after s spike in its burn rate. Despite the rising on-chain activity on SHIB, analysts are bearish on the meme coin price. 

Shiba Inu adds 30,000 new holders 

Shiba-Inu-themed meme coin SHIB has added 30,000 new holders within the past month. Shiba Inu burn rate has climbed consistently, hitting 171% level within the past 24 hours. According to data from Shibburn portal, 203.4 million Shiba Inu tokens were burned overnight. 

410.3 trillion Shiba Inu tokens have been burned so far, reducing the meme coin’s circulating supply drastically. 

Shibburn portal

Shibburn portal 

Despite a reduction in Shiba Inu price, there is a spike in its burn rate and number of holders. In the past 24 hours, Ethereum whales have accumulated $1.53 million worth of Shiba Inu tokens. 

Merchants in the Shiba Inu community have come up with new ways of burning SHIB. The ShibSuperStore has been accepted in the Amazon affiliate program, therefore, on every purchase, there is a burn of 1% to 20% of the price, in SHIB. 

Shiba Inu price could plummet in the long term

Shiba Inu has 1,169 million token holders on the Ethereum blockchain. More Ethereum holders have joined the Shiba Inu network over the past month. Analysts evaluated the Shiba Inu price trend and predicted a rise in selling pressure. 

Analysts have identified s descending triangle formation in the Shiba Inu price chart. A sustained push from bears could trigger a downtrend in Shiba Inu. Antonio Smith, leading crypto analyst has identified $0.000015 as the resistance for Shiba Inu price. 


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


Recommended Content

Editors’ Picks

Zilliqa price poised for a rally on positive on-chain data; bullish technical indicators

Zilliqa price poised for a rally on positive on-chain data; bullish technical indicators

Zilliqa price has broken above a falling wedge pattern, indicating a shift in market structure from bearish to bullish. Bullish divergence on the RSI and the Awesome Oscillator indicators signal a potential reversal and upward movement in ZIL price in the coming days.

More Cryptocurrencies News

MATIC sets for a rally as Polygon Foundation confirms the migration date

MATIC sets for a rally as Polygon Foundation confirms the migration date

Polygon (MATIC) price has broken above a falling wedge pattern, indicating a shift in market structure from bearish to bullish. The Polygon Foundation officially announced on Thursday that September 4 is the migration date for MATIC to POL.

More Polygon News

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Bitcoin and Ethereum hold steady above $64,000 and $3,400 as $1.8 billion in options expire on Friday. WazirX hack of $230 million potentially linked to Lazarus Group ushers correction in Shiba Inu, among other assets. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: Will BTC continue its bullish momentum?

Bitcoin Weekly Forecast: Will BTC continue its bullish momentum?

Bitcoin price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166. By Thursday of this week, U.S. spot Bitcoin ETFs observed cumulative positive inflows totaling $861.50 million.

More Bitcoin News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166. By Thursday of this week, U.S. spot Bitcoin ETFs observed cumulative positive inflows totaling $861.50 million. On-chain data indicates oversold conditions for BTC, suggesting a possible market bottom.

Read full analysis

BTC

ETH

XRP