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This past week, dog-themed cryptocurrency Shiba Inu (SHIB) witnessed a staggering 338% increase in burn rate, a strategic move that incinerated millions of SHIB tokens.
According to Shibburn's recent hourly update, the burn rate of SHIB tokens has surged by an astonishing 338.77% in the last seven days with 200,591,910 SHIB incinerated. This uptick in token-burning activity underscores Shiba Inu's commitment to reducing its token supply and enhancing its long-term value proposition.
Token burning, a common practice in the cryptocurrency space, involves permanently removing a certain number of tokens from circulation, thereby reducing the total supply.
Tomiwabold OlajideShiba Inu has taken this strategy to heart with the community's dedicated efforts resulting in the obliteration of millions of SHIB, marking a 338% jump in the weekly burn rate. However, the daily burn rate was down 27.27%, with just 30,384,330 SHIB burned in the last 24 hours.
SHIB large holders inflow jumps 225%
On a seven-day basis, Shiba Inu has also experienced a remarkable 225% spike in a key metric that tracks the inflow of funds into whale addresses known as large holder inflows.
As Shiba Inu remains focused on sustaining momentum and driving growth initiatives, from expanding utility through partnerships and integrations to fostering community engagement and innovation, Shiba Inu whales seem to have been taking note.
At the time of writing, SHIB was down 0.14% in the last 24 hours to $0.00002256 as the crypto market persisted in lackluster trading.
At the heart of the Shiba Inu price action is a key range where a substantial number of Shiba Inu addresses are holding 45 trillion SHIB.
Around where Shiba Inu trades according to IntoTheBlock data, 45.37 trillion SHIB were bought by 54,410 addresses in the range of $0.000021 and $0.000023 at an average price of $0.000022.
Maintaining the 45 trillion SHIB range remains key for the SHIB price as a loss of this key level might trigger a decline to the next support range of $0.000019 to $0.000021, while the next resistance range lies at $0.000023 to $0.000025 where 33,360 addresses are holding 13.09 trillion SHIB.
Vladislav Sopov
Alex Dovbnya
Dan Burgin