- 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:
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
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Solana, Base and AI meme coins rally, are speculative tokens making a comeback?
Meme coins are typically considered more speculative than the rest of cryptocurrency categories. Despite the label, hedge funds and institutional investors have warmed up to meme coins this cycle.
RWA narrative could make a comeback after nearly 50% correction in CFG, ONDO, MKR
Bitcoin halving and developments in the AI sector are the key narratives this cycle. The Real World Asset (RWA) tokenization narrative gathered steam with BlackRock’s tokenized asset fund launch on Ethereum in March 2024.
These cryptocurrencies could face selling pressure according to an analyst: STRK, ENA, OMNI, JUP, ONDO
Thor Hartvigsen, investor at Heartcore Capital and a crypto analyst has identified a list of cryptocurrencies that are expected to see a massive increase in their supply. Typically, an increase in selling pressure negatively impacts an asset’s price.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.