Shiba Inu (SHIB) Suffers Stress Test, Here's What to Expect This Week

Shiba Inu (SHIB) remains a token of interest on the market as consolidation grips the majority of altcoins in an ultimate push for recovery. Shiba Inu's network numbers are mostly bearish; however, they are at a tipping point where the balance may soon skew toward the bulls.

Timeline of Shiba-inu

The Shiba Inu (SHIB) token, once a hotbed of frenzied on-chain activity, is currently facing a cryptic slump. Data indicates that the burn rate — a mechanism where tokens are sent to an inaccessible wallet to reduce supply — has flatlined to 0%.

Shiba Inu, a leading meme coin on the Ethereum blockchain, created a buzz in the crypto market as it recorded a colossal upswing in its weekly burn rate. According to on-chain data from Shibburn, a platform providing insights into SHIB burning, the burn rate surged nearly 6000%, capturing the attention of global crypto enthusiasts.

Shiba Inu whales have been gobbling up the recent dip in Shiba Inu, with on-chain data showing some accumulating an enormous 2.39 trillion SHIB between them. SHIB's price has been on a downtrend since the beginning of the month, falling as low as 20% from the yearly open to reach $0.000008735 on January 8th.

Shiba Inu, one of the most prominent meme coins functioning atop the Ethereum blockchain, once again echoed a sense of frenzy across the broader crypto market on Saturday as the token marked a colossal upswing in its weekly burn rate. As per on-chain data surfacing over the crypto horizon, Shibburn, a platform facilitating SHIB burning

A cryptocurrency whale has recently sent a whopping 136.8 billion tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) to a newly created wallet, at a time in which SHIB's burn rate has been increasing significantly. According to on-chain analysis service Lookonchain, a newly created whale wallet accumulated the 136.8 billion tokens worth over $1.

In an unexpected twist, the Shiba Inu token (SHIB) has undergone a remarkable surge in on-chain dynamics. The latest data from blockchain analytics platform IntoTheBlock reveals an astonishing spike of 1,300% in large whale transactions involving SHIB within the last 24 hours.

The Shiba Inu token has recently witnessed a remarkable 900% surge in its burn rate, a development that is being interpreted as a strong signal for potential growth. This surge aligns with an impressive 12% increase in the asset's value amid the latest market reversal, hinting at a positive sentiment shift among investors that could be laying the groundwork for a longer-term bullish trend.

Self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer' Shiba Inu (CRYPTO: SHIB) experienced a dramatic surge in its token burn rate, skyrocketing over 2500% in a single day. What Happened: The surge comes as 53.29 million SHIB tokens were permanently withdrawn from circulation.

In a recent development, Shiba Inu (SHIB) has reached a significant milestone by surpassing 3.74 million total addresses, according to data provided by Glassnode on Jan. 6. The continuous rise in the number of new addresses is evident, with 1,373 new addresses created on the mentioned date.

Shiba Inu bulls are on a critical mission at the start of 2024: to regain the psychological $0.00001 level. Shiba Inu had sustained above the key $0.000010 at the 2023 close, much to the delight of the bulls.