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Shiba Inu

Shiba Inu Burn Rate Spikes But Price Continues To Tank – Here’s Why

Eli Dambel
by Eli Dambel
2 years ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Shiba Inu community has continued its burning transactions in the past few days. Recently, more than 27 million SHIB tokens entered the dead wallet in six transactions. Shibburn data shows that one wallet burned 15 million out of the total tokens.

Related Reading: Crypto Scammers Allegedly Used Artificial Intelligence And Actors To Trick Investors

The SHIB burn tracker Shibburn shared the update on Twitter, disclosing the number of burned tokens in the past seven days. 

SHIB Token Burns Continue To Soar Amid Market Downtrend

According to the post, the Shiba Inu community burned 1,826,262,961 in seven days. Around 24 hours later, on April 21, 27,575,359 million tokens entered the dead wallet.

Out of the total tokens, a single wallet burned 15 million SHIBs through two separate transactions. The wallet held 2.26 billion SHIBs before the burn transaction. The first transaction was a total of 1,335,461 sent to the dead wallet. 

Two hours later, the wallet sent a whopping 14,239,888 SHIBs to the dead wallet, hitting the highest burn rate for the day. Due to the massive tokens sent to the wallet, it became the top burner of the day.

Different wallets burned the rest of the tokens in four separate transactions. Due to the massive burn, Shiba Inu’s burn rate skyrocketed by 244.69% on April 21. 

Another event that spiked the attention of investors in Shiba Inu was the massive accumulation by a whale. Notably, a whale, BlueWhale0073, amassed 311,998,734 SHIBS in two transactions. At the time of purchase, the whale spent $3,325,906 to gather the tokens. 

However, as many anticipated, these burns are yet to affect the price of SHIB. As of today, April 22, the crypto market is still bleeding, a trend it started earlier this week. But while the prices slump, the developers continue pushing out diverse developments to attract investors into the space. 

Network Developments Push Shiba Inu To The Frontlines

A notable achievement for the SHIB team is the removal of the token from Binance’s innovation zone to join other vetted and approved assets on the platform. Usually, the world’s biggest crypto exchange places assets in the zone when they haven’t proven their worth. 

But after reviewing SHIB for some time in the innovation zone, Binance has decided it is worth competing among the top players. It is no longer a mere meme coin, but an asset to consider. Also, Shiba Inu lead developer Shytoshi Kusama hinted that the anticipated ShibaSwap 2.0 would launch soon.

Related Reading: BREAKING: Dogecoin, Starship Launch End In Explosive Losses – Here’s What Happened

Meanwhile, the market-wide downtrend has affected SHIB price trends. The coin is trading in the red as the entire market bleeds. Its 1-hour price stands at a loss of 0.05%, while the 24-hour price shows a loss of 3.6%.

SHIB Burn Rate Spikes But Price Continues To Tank, But Why?
Shiba Inu price slows down on the chart l SHIBUSDT on Tradingview.com

The 7-day SHIB price stands at a loss of 8.9% as of press time. Notably, the downtrend is not affecting Shiba Inu tokens alone. BTC and ETH are also down 10.57% and 12.04% in the last seven days, respectively. 

Featured image from Pixabay and chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Eli Dambel

Eli Dambel

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Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future. You can follow Eli on Twitter: @EliDambel

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