Why Shiba Inu's >400% sublimation ended in a verified story DONE
The fourteenth ranked meme token, Shiba Inu [SHIB] reversed events following changes in its write speed over the past few weeks.
According to the official Shibburn website, over 410 trillion SHIB tokens have been burned since the initial supply. This increase has brought SHIB's burn rate to 421.53% in the last 24 hours.
According to Shibburn, the number of SHIB tokens involved was 292,017,267 during the aforementioned period.
As of the time of this writing, another 3.38 million SHIB has been moved into a dead wallet. This transaction brings the total number of dead wallet SHIB movements to 15 at press time.
It's not the norm this time
However, the increase in the burning rate this time seems to have a different impact on the SHIB price. Previously, the increased burn rate led to SHIB devaluation.
Similarly, SHIB increased dramatically when the selling rate decreased. For SHIB, now is not the time to follow the expected trend as the price has increased by 5.41%. This increase was also accompanied by a 17.43% gain in 24 hours. What's interesting is that
SHIB hasn't given up on other parts of its ecosystem. The most notable is the governance token of the Shibaswap ecosystem, Bone ShibaSwap [BONE].
Stronger Synchronous Bones
At press time, the price of BONE is up 85.21% while trading at $2.11. Its market capitalization also followed the same trend as 24-hour trading volume increased 412% to $72.3 million according to Santiment data.
BONE has focused on its uniqueness in terms of a 40% burnt supply on a dead wallet. According to details from CoinMarketCap, this burn is important to ensure its long-term survival and stability.
Therefore, a sudden spike in SHIB prices may not be a shock.
For SHIB, the increased burn rate also affects a number of other online metrics. Based on CryptoQuant data, active addresses on the SHIB network have increased slightly by 1.13% over the past 24 hours as the number increased to 4,788.
Another aspect of interest is the exchange reserve. CryptoQuant data revealed that the index was up 5.18% as it raked in $2.31 billion.
While still down 7% from the past seven days, the resurgence could mean that SHIB investors have revived crypto accumulation.
Aug 31, 2022