- SHIB regained its position in the top 10 popular smart contracts.
- The Burn rate jumped by 225%, and around 45 million SHIBs were burned.
- SHIB also re-appears in the top 10 largest assets held by Ethereum whales.
Shiba Inu is slowly gaining traction in the crypto industry and looks like it is all set to dethrone DOGE as the most popular meme coin in near future. A Cryptocurrency’s or token’s Burn rate depends upon its supply and utility. Companies tend to burn some to manipulate supplies, capitalizing on their scarcity. The recent tweet from Shibburn showed that a significant amount of SHIB stash was burnt in the last 24 hours.
At the same time, SHIB managed to regain its position in the top 10 list of most popular smart contracts. The burn rate surged by 225% in the past 24 hours, as shown by the Shibburn website. A total of 45,440,849 SHIB meme coins were burnt during the time frame, meaning they now rest in wallets from where they can no longer be spent.
If the ten burn transactions were studied, the biggest of the lot was when 23,61,644 SHIB were wired to a null address. According to Etherscan, the wallet had remained comatose for over a year. And the latest transaction to it was made roughly 19 hours ago, that too after a long period.
Per the WhaleStats tracker of digital wallets, SHIB is back on the top 10 list of most popular smart contracts; not only that, but Shiba Inu also re-appeared in the list of ten largest assets held by Ethereum whales. The meme coin completely disappeared from the list just two days earlier. The top hundred wallets in the Ethereum chain currently hold $44,108,128 worth of SHIB in the crypto market, amounting to 2.04% of their portfolio.
SHIB daily chart analysis.
SHIB is currently trading at $0.00000879, a 7.03% jump in the past 24 hours. Its price against BTC also surged by 7.04% and now stands at 0.000000000523 BTC. At the same time, its price against Ethereum saw a growth of 6.17% and now rests at 0.000000007387 ETH.
Its volume saw a bigger surge of 18.57%, which now counts at $221 million. At the same time, its market cap is now at $4.8 billion with 7.04% growth. Its market dominance stays strong at 0.59% while it ranks at 14.
The chart shows a consolidated movement being slightly broken by recent candles. Recent formations hint towards bullish growth and might respect R1 at $0.00001081 soon, but before that, it shall move between currency rate and R1. With hopes that some positive news hits the market, it shall break R1 to find and respect R2 at $0.00001186.
The above scenario will come true, if the current trend continues and burning efforts create desired effect on the market. If in case market retraces, it shall find S1 at $0.00000708, and the price is supposed to bounce back from that point, similar to what happened in the month of June this year.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/12/19/shib-rises-among-most-popular-smart-contracts-burn-rate-soars-to-225/