• 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

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:

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Assessing the possibility of Bitcoin price crash to $20,000 after US NFP rises to 517,000

Assessing the possibility of Bitcoin price crash to $20,000 after US NFP rises to 517,000

The United States unemployment rate for January came in at 3.4% which is lower than forecast of 3.6%. The Nonfarm Payrolls (NFP) data shows that 517,000 jobs were added in January, which is much higher than the expected 185,000.

More Bitcoin News

Cardano price could get help from US job report to clean up winter losses, 31% gains on the horizon for ADA

Cardano price could get help from US job report to clean up winter losses, 31% gains on the horizon for ADA

Cardano (ADA) price has succeeded in breaking above key levels near $0.39 as the pivotal historical level at $0.388 and the 200-day Simple Moving Average (SMA) all got broken to the upside with the Federal Reserve meeting on Wednesday.

More Cardano News

Ethereum Classic Price Prediction: Is ETC safe in this bullish channel?

Ethereum Classic Price Prediction: Is ETC safe in this bullish channel?

Ethereum Classic (ETC) is set to book a very outright bullish intraday session just hours before the US session kicks in. As the dust is settling for global markets after all major central banks had their say on Wednesday.

More Ethereum Classic News

Bitcoin Weekly Forecast: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin Weekly Forecast: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings

More Bitcoin News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP