crypto strategy

Shiba Inu: Unusual burn transaction and everything paper hands should know

  • Burning SHIB tokens soared a wallet burned over 14 million tokens.
  • Both value and volume rose, but on-chain data showed SHIB was down sharply.

The concept behind the shiba inus [SHIB] The burn strategy was to reduce the token supply and increase its value, but the meme coin repeatedly failed to achieve these goals. Interestingly, Etherscan showed that there was a recent colossal deal regarding the SHIB burning activity.

How much SHIBs can you get for $1?

A deal leads to a hike in…

According to the transaction details, a single wallet burned 14 million SHIB. Of course, the daily burn rate of SHIB is in the millions of tokens. However, it was rare for a portfolio to generate such volume.

Following this transaction which took place four hours before the time of going to press, Shibburn reported that burn activity increased by approximately 1395% over the past 24 hours. This brought the total SHIB burn supply to 410.38 trillion.

Source: Shibburn

Regarding its price, SHIB produced a rise of 4.09% from the previous day. This increase allowed the value to trade hands at $0.0000087. Moreover, the 24-hour trading volume acted in line with the price trend.

According to Santiment, SHIB volume saw a 125% increase over the period. This infers a good reflection of traders attempting to jump ship SHIB regardless of a recorded profit or accumulated loss.

Meanwhile, her network’s growth was not one to cheer about. The reason is that it hit its lowest point in more than six months. At press time, data from Santiment watch network growth to 533.

In this post, this meant that SHIB was not among the top projects benefiting from new address integrations. So the pull directed to the Shiba Inu array was at a loss.

Drought still in SHIB land

Looking at active address data, on-chain data revealed that there had been a remarkable increase through January 8. But at the time of writing, 24-hour active addresses had dropped to 5354.

The involvement of this drop is that users who sent or received SHIB were fewer than those who interacted with the SHIB network the day before.

Shiba Inu volume and network growth

Source: Santiment

A 62.1x hike on the maps if SHIB reaches bitcoin market cap?

Due to this decline, one-day SHIB circulation also fell to 341.2 billion. A traffic assessment showed that there had been consistent irregularities in the day-to-day flow.

While some days were filled with hiking, others chose to cut back. Thus, the decrease aligned with the active address data of a limited amount of SHIBs used in the last 24 hours.

Shiba Inu Active Addresses and Traffic Data

Source: Santiment

Besides the disheartening state of the meme, holders could always rejoice that SHIB was immersing itself in partnerships and increased usefulness. Recently, the token’s official Twitter page announced that there might be another major collaboration on the way.

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