Shiba Inu Burn Volume Jumps 1,450%, Price Shows Weekly Rise

The vast and loyal Shiba Inu army of users has again demonstrated high results in burning their favorite meme coin, SHIB, as this time, within the last 24 hours, they have removed almost a quarter billion SHIB coins.

Timeline of Shiba-inu

A report has revealed that a staggering 79.86% of addresses associated with the Shiba Inu (CRYPTO: SHIB) token have incurred losses reaching six figures. What Happened: The addresses collectively hold an astonishing 887.86 trillion SHIB, which equates to a value of $7.81 billion and accounts for 90.31% of the total Shiba Inu supply.

SHIB News: Shiba Inu burn rate soared over 1450% in the last 24 hours after another massive burn of SHIB tokens. The community leveraged the meme coin season to increase the burn rate and number of users holding Shiba Inu.

Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has witnessed a remarkable surge in network activity as it recently recorded an unprecedented number of new addresses. According to data shared by prominent analyst Ali Charts, 2,538 new SHIB addresses were created on May 26, marking the highest increase in three months.

Recent data from IntoTheBlock has revealed a distressing trend among Shiba Inu token holders, with the number of individuals experiencing losses reaching six figures. Currently, this figure represents a staggering 79.86% of all addresses associated with the token.

The Shiba Inu network has witnessed a remarkable increase in activity, resulting in a surge of new SHIB addresses being created. On May 26, a staggering 2,538 fresh addresses emerged, signifying the highest growth in three months, according to renowned crypto analyst Ali Martinez.

Shiba Inu Price Prediction: For the past three weeks, the Shiba Inu price has been hovering above the long-coming support trendline of the symmetrical triangle pattern. During this consolidation, the sellers' failure to obtain follow-up on their attack(red candles) indicated a sign of active accumulation.

Marcie Jastrow, Shiba Inu Metaverse advisor, has shared that the metaverse team are preparing to finally release a video overview of one of the hubs, whose art concept had come out last year. “You will love it”, she tweeted about the preview to be released.

The Shiba Inu army continues daily burns of SHIB, which have become quite substantial since the launch of the Shibarium testnet in early March. Now, frequently, the weekly amount of SHIB meme coins removed from circulation are adding up to several billions of SHIB.

A large Shiba Inu ($SHIB) whale that had been dormant for over seven months has relocated an eye-popping sum of nearly 500 billion $SHIB tokens to the declining cryptocurrency exchange HotBit, presumably to sell the tokens after making a significant profit with them.

A top SHIB whale added $1.18 million worth of Shiba Inu within 24 hours. Data from Etherscan.io reveals that this whale ranked as the nineteenth largest SHIB holder accumulating 140 Billion SHIB.