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Shiba Inu has seen a supply drop in the last 24 hours with millions of SHIB sent to dead wallets in this timeframe.
According to the Shibburn website, a total of 6,079,210 SHIB were sent to dead wallets in the last 24 hours. This adds to a total of 33,555,505 SHIB burned in the last seven days and 197,397,403 tokens in the last 30 days.
Overall, 410,839,970,136,820 SHIB tokens have been burned out of the initial 1 quadrillion SHIB supply, accounting for 41.08%. This is worth $7,358,037,796 in monetary terms.
The SHIB burn rate has increased 37.28% from the past day, while down 40.56% in the last seven days.
SHIB among top traded coins as India's demand grows
Shiba Inu continues to sustain demand in India as it ranks among the top traded tokens on the country's major crypto exchange.
Shiba Inu was among the Top 5 most traded coins on India's largest exchange, WazirX, in April, sitting in the second spot only after Bitcoin. Other coins actively traded include ETH, DOGE and XRP.
Kuro, a Shiba Inu community member, highlighted this piece of information in a recent tweet, noting that "SHIB's popularity in India shows no signs of fading."
SHIB price
Risk appetite spilled into the crypto markets as stocks pushed to fresh record highs, lifting altcoins higher. At the time of writing, Shiba Inu was trading in green, up 2% in the last 24 hours to $0.00000641 and up 3% weekly.
Friday's U.S. labor market data contributed to the broader price increase in the markets with the economy adding 115,000 jobs in April.
Shiba Inu has steadily ticked higher since the April 30 low of $0.00000607, albeit price remains in a broad range between $0.0000058 and $0.00000656 since Mid-March. The positive aspect is that Shiba Inu has sustained above the daily SMA 50, with the next target above now the daily SMA 200 at $0.00000730.
Dan Burgin
U.Today Editorial Team
