Thursday, May 23, 2024

Shiba Inu Reaches New Milestone: $9 Billion in SHIB Tokens Burned.

Recently, the amount of tokens burned by Shiba Inu (SHIB), the second-largest meme coin in the cryptocurrency ecosystem, reached a significant milestone. Since the project’s burn mechanism was introduced, Shiba Inu has burned more than 410.72 trillion SHIB tokens, or more than $9 billion.

The price of Shiba Inu is probably going to rise because Santiment’s on-chain measurements show promise for the meme coin.

Three elements that might spur Shiba Inu’s comeback

There are three things that can encourage SHIB to rebound:

The removal of almost $9 billion worth of SHIB from circulation on April 16 is a significant milestone that the Shiba Inu token burn is almost upon.
The 30-day and 7-day market value to realised value (MVRV) for SHIB are both currently in the opportunity zone.
Throughout April, holders of SHIB have continuously experienced losses of $45 million, indicating the possibility of a meme currency collapse.

According to data from Shibburn, the Shiba Inu token burn reduced the amount of SHIB in circulation by around $9 billion, which usually lessened selling pressure on the meme coin.

According to supplement data, there is a weekly increase in SHIB price when MVRV 7-day and 30-day declines occur in the zone indicated in the chart below (between -6% and -18%). The MVRV has returned to the opportunity zone, indicating a likelihood of price rises for SHIB.

Up until the time of writing, SHIB holders have continuously realised losses totaling $45 million in April, according to data from the Network Realised Profit/Loss metric (NPL). A jump in non-performing loans (NPL) during a period of declining prices indicates an asset’s capitulation, usually accompanied by an increase in price.

As of writing, the SHIB price on Binance is $0.00002232. In the last week, the price of the meme coin lost about 23 percent of its worth.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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