SHIB Burn Rate Skyrockets By 107%

Shiba Inu Coin News: Shiba Inu (SHIB), the second-largest meme cryptocurrency in the world has almost half of its supply remaining and is rapidly running out. Shiba Inu’s market position should improve as a result of the supply of tokens steadily declining and becoming less readily available for purchase.

However, amid the recent price dump, an unnamed whale transferred nearly 184 billion Shiba Inu coins, according to a recent tweet from Whale Alert.

Shibu burn down by 107%

Shiba Inu coin burn rate has increased by 107% over the past 24 hours, according to ShibBurn data. More than 4.1 million Shiba inu burn in the last 24 hours. Despite the massive transfer of SHIB among whale wallets, Shiba Inu Price has dropped due to increased volatility in the crypto market.

The most recent announcement can be connected to SHIB transfers between wallets.

Currently, the price of Shiba Inu coins is moving in a short-term sideways trend. The price of this memecoin has been fluctuating within a small range for the past month. However, it’s fluctuating between $0.00000964 and $0.0000084. Additionally, the SHIB price showed a series of green and red candles, which represented market participants’ hesitancy.

Since FTX’s demise at the beginning of last month, SHIB has been unable to maintain above any of its significant moving averages, with the 50DMA serving as especially potent resistance in the early days of December. In fact, the fact that all of SHIB’s significant moving averages are still pointing downward indicates that the bearish momentum is still strong.

Shiba Inu Live Price

As per the coinmarketcap data, the live Shiba Inu price is $0.000008872 USD, and the 24-hour trading volume is $122,912,574 USD. The SHIB price has decreased by 3.17% in the last 24 hours, with a live market cap of $4,869,876,047 USD. It has a total circulating supply of 549,063,278,876,302 SHIB coins. There is insufficient supply.

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.