Shiba Inu Burn Alert: 1.2 billion SHIB tokens destroyed within a week
- Shytoshi Kusama reveals that the one requirement for massive SHIB burns is true community effort.
- 1.2 billion Shiba Inu tokens were burnt over the past week, permanently removing them from the circulating supply of the meme coin.
- Analysts believe Shiba Inu could continue its rally despite the price trend’s vulnerability.
Shiba Inu’s lead developer Shytoshi Kusama identified one key requirement for a massive SHIB burn and that requirement is that a true community effort is needed for burn implementation. Kusama believes that it might take time for the timing to work out perfectly.
Also read: Shiba Inu whales make big moves, pushing SHIB price higher
1.2 billion Shiba Inu coins destroyed in mass burn
As suggested by Shiba Inu’s project leader, SHIB’s burn rate has picked up pace, and the meme coin has witnessed the destruction of 1.2 billion tokens over the past week. Shiba Inu is being burned at a steady pace, and the total circulating supply is 557 trillion.
410.3 trillion Shiba Inu tokens have been destroyed since the implementation of the burn mechanism based on data from Shibburn. The past week was one of the fastest burns; 1.2 billion tokens were pulled out of circulation and sent to dead wallets. This reduces the meme coin’s circulating supply.
Shiba Inu emerges as a popular meme coin among whales
The Shiba Inu ecosystem has emerged as one of the most used smart contracts by the 5,000 largest Ethereum whales. Based on data from WhaleStats, Shiba Inu’s price recovery triggered a rally in the meme coin, and it added 8% to its price. This event was followed by whales scooping up Shiba Inu coins, making SHIB one of the top five cryptocurrencies in whale wallets.
JUST IN: $SHIB @Shibtoken one of the MOST USED smart contracts among top 5000 #ETH whales in the last 24hrs
— WhaleStats (free data on crypto whales) (@WhaleStats) July 18, 2022
Peep the top 100 whales here: https://t.co/kOhHps8XBB
(and hodl $BBW to see data for the top 5000!)#SHIB #whalestats #babywhale #BBW pic.twitter.com/few1va2GDQ
Factors driving Shiba Inu’s price rally
Several factors are driving Shiba Inu’s price rally. The main one is the long-awaited Shibarium, then there is the layer-two scaling solution, the reward token TREAT and the stablecoin SHI. Shiba Inu community is awaiting the launch of the meme coin’s metaverse, which is also expected to trigger a rally in SHIB price.
Shiba Inu price could rally despite its vulnerability
Analysts at FXStreet have evaluated the Shiba Inu price trend and identified a vulnerability. Despite the vulnerability, however, Shiba Inu price could continue its uptrend. The meme coin posted nearly 5% gains overnight. For more information and critical price levels, check this video:
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.
