Shiba Inu burn rate explodes as 205.6 million SHIB tokens are destroyed
- 205.6 million SHIB tokens were burnt in over 30 transactions over the past two days.
- Shiba Inu holder count hit a new all-time high as the meme coin found support from influencers.
- Analysts have identified signs of a bullish trend reversal in Shiba Inu.
Shiba Inu burn continues to erase millions of tokens, permanently removing them from circulation. This is one of the main factors why Shiba Inu price is likely to witness a bullish trend reversal and wipe out losses from the past two weeks.
Also read: Shiba Inu price gaining momentum after huge US exchange listing
Shiba Inu burn rate exploded over the weekend
Based on data from Shibburn, the Shiba Inu burn portal, 205.6 million SHIB tokens were burnt over the weekend across 31 transactions. These tokens were permanently removed from Shiba Inu’s circulating supply, increasing the value of SHIB that remained in circulation.
A total of 410.3 trillion Shiba Inu tokens have been destroyed, and nearly 41% of the circulating supply is now in a dead wallet. 31.6 trillion SHIB is staked, and the 557.9 trillion Shiba Inu tokens are currently in circulation.
Shiba Inu holder count climbs
Despite the ongoing crypto bloodbath, the total number of Shiba Inu holders climbed, hitting a new all-time high. Based on data from cryptorank.io, the number of Shiba Inu holders has crossed 1.1 million. Though activity on the Shiba Inu network dropped, ShibArmy got stronger with new investors accumulating SHIB. Refer to the chart below for the top 100 Shiba Inu holders.
Shiba Inu Top 100 holders
Influencers comment on Shiba Inu, power social dominance
David Gokhstein, a former US politician and founder of Gokhstein Media, told his Twitter followers that he is not too keen on Shiba Inu. However, there is a craze surrounding the meme coin, and the community support levels is different. Developers are building an ecosystem for the ShibArmy, and Gokhstein noted that.
Several influencers have taken note of Shiba Inu’s rapid development and contributed to the Dogecoin-killer’s rising social dominance.
Shiba Inu developers are currently working on the development of ShibaSwap, Shib metaverse, card games and stablecoin SHI.
Shiba Inu price could make a bullish move
FXStreet analysts believe Shiba Inu price could make a bullish move, and these are the signs to identify the same. For price targets and signs of a trend reversal, 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.
