Shiba Inu Tokens Burst Record-Breaking 12,833% Increase, Price exhibits Surprising Behavior
In a surprising turn of events, the rate at which Shiba Inu (SHIB) coins are being burned has skyrocketed by an astounding 12,833%. This significant increase was revealed by popular Shibburn tracker, with a total of 13,090,171 SHIB coins being destroyed since yesterday morning.
The two largest transactions responsible for this surge burned 5,000,000 and 7,515,411 SHIB coins respectively, drastically increasing the burn rate. Although this is an impressive feats, the SHIB price has shown a rather unusual reaction, remaining largely unfazed.
At current, the SHIB price is down by 3.77%, falling from $0.00001168 to $0.00001124. Despite the burns, the massive circulating supply of SHIB (approximately 584 trillion tokens) makes it challenging for the burns to significantly reduce the total supply and cause prices to soar.
#CryptoVerse #SHIB #TokenBurn
Fake SHIB Warning
Notable Shiba Inu community member, Lucie, has issued a warning to the SHIB army regarding "fake SHIB." In her post, she encourages followers to keep fake SHIB away and advises staying vigilant when dealing with suspicious offers of investing in fake Shiba Inu coins. Remember, there's only one real SHIB—bon on Ethereum.
#ScamAlert #CryptoSafety
Factors Affecting SHIB Price
There are several factors that may contribute to the SHIB price remaining relatively stable, despite the impressive burn metric surge. These factors include:
- Market saturation and supply dynamics
- Market sentiment and trading behavior
- Technical and resistance levels
- Broader market and external factors
- Price forecasts indicating stability
While the extent to which these factors are influencing the SHIB price requires further analysis, it's clear that burns are just one piece of the SHIB price equation.
#CryptoEconomics #PriceAction #SHIB
Sources
- TradingBeasts
- CoinMarketCap
- Investing
- NewsBTC]
- Forbes
- Despite the accelerated burning rate of Shiba Inu tokens, the whale in the crypto finance world seems unmoved, as the SHIB price remains stagnant.
- In the midst of this cryptocurrency trading chaos, a word of caution comes from a well-known Shiba Inu community member, Lucie, urging the SHIB army to beware of fake SHIB tokens in the market.
- As the burning of SHIB tokens continues at an unprecedented pace, the importance of on-chain data becomes evident in understanding the true impact of these burns on the SHIB price.
- With market saturation, trading behavior, technical levels, external factors, and even price forecasts pointing towards stability, one must delve deeper into the crypto economics of Shiba Inu to fully grasp the factors influencing its price.
