According to a Shibburn monitoring website, the number of SHIB meme tokens circulating in the Shiba Inu community has significantly decreased over the last 24 hours. Last night, 1.5 million $SHIB was burned in one transaction.
Despite this significant price increase, however, the number of memes burnt during this period leaves much to be desired. During these months, SHIB has worked hard to recover its value. As it stands today:1.12, billion tokens were destroyed when their prices fell below a certain threshold as of the end of January 2023.
SHIB’s spending increased exponentially.
The pace at which shiba inu coins are being transferred from active wallets to dead-end ones has shown an increase of around 502%. However, the quantity of SHIB that will be removed from circulation is only equivalent to 6.01096 million tokens depicting dogs—not enough for long-term viability.
Burning tokens removes them from the pool of available resources. As fewer tokens are in circulation, the remaining ones become more valuable—which often results in a price surge for ticket holders.
According to the website WhaleStats, which tracks activity on Ethereum’s blockchain, two tokens hold the top spots in terms of volume: Ethereum and shibo. Io—the latter is among the most valuable currencies by dollar value.
The 100 whales with the most ETH presently control $631,233,793 worth of SHIB. That’s less than half of Ethereum’s market cap ($1.94 billion) but more than twice its 24-hour volume (at least as quoted by HitBTC). The only currency that breaks into their ranks is USDT—but it does so for just one spot at third place in terms of assets held and drops out entirely when looking at overall holdings or 24-hour volume instead.
What do the charts say?
As this article was written, CoinMarketCap shows that SHIB has seen a 1.1% price increase in the previous twenty-four hours.
Source: CoinMarketCap
At the time of this article’s publication, the 24-hour trading volume had increased 51.7% to $633,683,204, and there are 549,063 SHIBs in circulation.
