Shiba Inu (SHIB) is trading under tremendous price pressure since the last week. Despite many announcements for the development of the Shiba Inu ecosystem, SHIB’s price has not shown any such positive movement.
This has inspired efforts to support prices, particularly through the SHIB burning portal. The token’s burn rate more than doubled in the past 24 hours.
Cryptocurrency markets have witnessed a tumble over the past few weeks. The global crypto market capitalization has shrunk to stand at $1.65 trillion.
SHIB token Burn rate doubles in 24 hrs
Shiba Inu is trading at an average price of $0.00002, at the press time. The SHIB token has seen a downfall of over 10% in the last 7 days. SHIB’s total market capitalization has also come down to $10 Billion. Meanwhile, Shiba Army seems like supporting the SHIB token amid the tough times.
According to the data represented by Shibburn, the rate of Shiba Inu tokens sent to a dead wallet has surged by over 133% since the last morning. Over 411 million SHIB tokens have been burnt with an effort of the community in the past 24 hours.
The recent increase in the burn rate is directly led by the launch of the SHIB’s official Burn Portal. The Shib Army made an amazing record by burning over 8 billion Shiba Inu tokens in the first 24 hours from the launch of the portal. However, almost 26 Billion SHIB tokens have been sent to a dead wallet since its inception.
Meanwhile, the SHIB has made an announcement regarding the reward cycle related to burn. The rewards will be accessible on May 17, 2022, and will continue to occur every two weeks.
ETH Whales SHIB holding shrinks
The Biggest of the Ethereum (ETH) whales’ SHIB token holding has also shrunk in this due time. Now, the Top 100 ETH wallets hold $937.6 million worth of Shiba Inu tokens. At one time, these wallets used to hold around $1.5 billion with the SHIB tokens. Meanwhile, some whales are taking the advantage of this price dip. Almost $2.5 million worth of SHIB tokens were bought by the ETH whales in the last 24 hours.
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.