SHIB Army’s Burning Efforts Intensify as Token Burn Rate Rises
The Shiba Inu community, also known as the SHIB army, has been making waves with their remarkable burning efforts. Recent data provided by the Shibburn crypto tracker indicates that the burn rate has experienced a slight increase after a series of SHIB burns. The community’s commitment to reducing the token supply is evident as they continue to burn billions of SHIB tokens week after week.
According to the latest hourly update tweet, the price of SHIB stands at $0.00000863, representing a 1-hour increase of 0.52% and a 24-hour increase of 1.40%. The market capitalization has also seen a positive shift, rising by 1.21% to reach $5,081,658,274. These figures suggest that the SHIB token is experiencing some upward momentum.
HOURLY SHIB UPDATE$SHIB Price: $0.00000863 (1hr 0.52% ▲ | 24hr 1.40% ▲ )
Market Cap: $5,081,658,274 (1.21% ▲)
Total Supply: 589,351,177,085,336
Past 24Hrs: 159,205,486 (420.59% ▲)
Past 7 Days: 4,060,596,531 (-40.16% ▼)
— Shibburn (@shibburn) June 3, 2023
One notable aspect highlighted by IntoTheBlock, a crypto analytics platform, is the recent acquisition of a staggering 100 billion Shiba Inu coins by large holders, often referred to as whales in the crypto community. While this influx of tokens may seem concerning, it is important to note that these addresses likely include those linked to crypto exchanges. This implies that the whales may be accumulating SHIB coins in preparation for future selling opportunities.
The accumulation of Shiba Inu coins by whales has sparked speculations about potential selling pressure on SHIB, the second-largest meme coin in the market. Should these whales decide to sell their holdings, it could have a significant impact on SHIB’s price and market stability. However, it is worth noting that the motivations behind the whales’ actions remain speculative, and their plans may be influenced by a variety of factors.
In contrast to the whale activity, the SHIB army has been diligently burning SHIB tokens over the past weeks. The burn rate has seen a notable increase, with 159,205,486 tokens burned in the past 24 hours, reflecting a significant rise of 420.59% compared to the previous period. However, the data from the past seven days indicates a slight decline in burning activity, with 4,060,596,531 tokens burned, representing a decrease of 40.16% compared to the previous week.
The burning efforts of the SHIB army play a crucial role in reducing the total supply of SHIB tokens. By reducing the supply, the community aims to create scarcity and potentially drive up the value of each token. While the recent decline in burning activity raises questions about the sustainability of this trend, it is important to consider that burn rates can fluctuate depending on various factors, including market conditions and community sentiment.
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