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  • Shiba Inu Open Interest Crash To 2024 Levels, Is It Game Over For The Meme Coin?

    The Shiba Inu open interest has been one of the worst-performing among the top cryptocurrencies by market cap in the year 2025. While there has been a general increase in open interest across the likes of Bitcoin and Ethereum, pulling the market up with them, Shiba Inu has not followed this trajectory. Instead, the meme coin’s open interest has crashed significantly, making new 2025 lows in the process.

    Shiba Inu Open Interest Crashes Below $100 Million

    At the start of the year, on January 16, 2025, the Shiba Inu open interest had hit a new all-time high above $519 million despite the SHIB price action remaining relatively muted. It wasn’t long until the open interest began to decline, and it has been mostly downhill from there since.

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    By the start of February 2025, the Shiba Inu open interest had crashed by more than 50%, recording one of the sharpest declines in the market. However, the open interest had managed to stay above the 2024 lows as the SHIB price fluctuations kept traders interested.

    Now, however, the majority of the open interest that was seen in Shiba Inu at the start of the year is almost completely gone. Data from the Coinglass website shows that the open interest has now fallen below $100 million for the first time in 2025, marking a new yearly low.

    Source: Coinglass

    The current average of around $89 million translates to an over 80% decline in the last 9 months, painting a similar picture to the alt coin’s price, which is down 88% from its 2021 all-time highs. As this decline continues, it continues to impact the price, affecting its ability to stage a meaningful recovery.

    SHIB Could Be At A Pivotal Point

    As mentioned above, the last time that the Shiba Inu open interest was this low was back in 2024, but the interesting thing is that periods of low interest have often preceded some of the biggest moves. Back in August 2024, the Shiba Inu open interest had fallen to its lowest levels since 2023, but the next three months would see a rapid increase in both interest and price.

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    Times of low interest, such as these, have often been breeding grounds for accumulation ahead of the next move. Thus, the Shiba Inu open interest dropping to yearly lows could be setting the stage for another price rally.

    Shiba Inu price chart from Tradingview.com
    SHIB price action remains muted | Source: DOGEUSDT on Tradingview.com

    Featured image from, chart from Tradingview.com

    Scott Matherson

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  • Shiba Inu Price In Trouble? SHIB Team Goes After Attackers After Major Bridge Compromise

    The Shiba Inu community is on high alert after a major compromise of the Shibarium bridge over the weekend. What began as reports from blockchain security firm PeckShield quickly escalated into a confirmed attack involving validator key leaks, flash loans, and malicious state changes. Developers have scrambled to contain the breach by freezing 4.6 million BONE tokens, but the situation has revealed vulnerabilities in the security of Shiba Inu’s infrastructure and has had an impact on Shiba Inu’s short-term price action.

    Developer Confirms Attack Details

    Taking to the social media platform X, Shiba Inu developer Kaal Dhairya revealed that the incident was probably planned for months and executed using a flash loan to acquire 4.6 million BONE tokens. After gaining access to validator signing keys, the attacker was able to gain majority control and approve a malicious state to siphon assets from the Shibarium bridge. Fortunately, the stolen BONE was delegated to Validator 1, leaving it locked by unstaking delays and giving the team a narrow opportunity to intervene.

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    Dhairya confirmed that the developers immediately froze the compromised funds, suspended all staking and unstaking activity, and transferred stake manager reserves into a hardware wallet secured by a 6/9 multisignature setup. However, the moves were temporary until the extent of the validator compromise could be confirmed, but the developer assured the community that protecting assets was the team’s top priority.

    The breach drew quick attention from multiple blockchain security outfits. PeckShield, a leading blockchain security company, posted an Etherscan transaction showing the breach by the ShibaSwap exploiter on X. 

    However, Kaal Dhairya noted that the Shiba Inu team is working with PeckShield, Hexens, and Seal 911 to continue investigations on the incident and the next steps to take.

    According to a separate analysis by Tikkala Security on X, the losses appear to extend beyond the BONE freeze. The post claimed that multiple signer keys appear to have leaked in Shibaswap, which caused an estimated $2.8 million loss. Tikkala Security pointed to an attacker address on Etherscan and explained that the exploit involved repeatedly submitting legitimate Merkle leaf exit requests tied to a root signed by ten different addresses.

    Market Impact And Price Outlook

    Despite the severity of the breach, BONE’s market price spiked by over 20% in the hours following the freeze announcement, and this is likely due to the rapid containment. However, the BONE price has calmed, and the breach could have long-term effects that extend beyond the next few days. 

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    The Shibarium bridge is important to Shiba Inu’s strategy. Any lingering doubts about validator integrity or the scope of the losses could weigh heavily on the price of Shiba Inu and BONE.

    As it stands, both the Shiba Inu and BONE prices have reversed gains in the past few hours. At the time of writing, BONE is trading at $0.1959, down by 4.4% in the past 24 hours, but still up by 24% from its price point seven days ago. Shiba Inu, on the other hand, is trading at $0.00001305, down by 7% in the past 24 hours.

    SHIB trading at $0.000013 on the 1D chart | Source: SHIBUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Scott Matherson

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  • Here’s What Powell’s Possible Rate Cuts Could Mean For The Shiba Inu Price

    The crypto market moved quickly after Jerome Powell hinted that interest rate cuts may finally come. Many assets moved immediately, and the Shiba Inu price was among the top gainers. According to this post on X, more than just a price chart, this moment reminded many that SHIB’s strength lies in market timing and its loyal community support.

    Powell’s Hint Sparks Instant Shiba Inu Price Momentum

    When Powell suggested that long-awaited rate cuts may soon be possible, the market responded quickly. Investors waiting for a clear signal rushed to position themselves, and SHIB wasted no time showing its power. The coin’s price surged with a 12% green candle in a quick move that shows how possible rate cut hints from policymakers can send crypto prices soaring fast.

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    It was not just a random jump in price but a reminder of how closely tied SHIB is to larger economic shifts. When the Federal Reserve shows signs of easing, money tends to flow into risk assets, and SHIB has proven it can move with conviction. The sharp rise showed that the price can move much more quickly when the proper signals appear and that the meme coin is more active and responsive than many expected.

    The move suggests global signals could directly influence the Shiba Inu price. In this case, just a few words from Jerome Powell were enough to spark a strong reaction as his comments spread across markets and caught the eye of traders everywhere. It shows that when there are hints of a possible US interest rate cut, SHIB reacts quickly and moves in to align with the market trend.

    The ShibArmy Behind Shiba Inu’s Price Strength

    The X post states that price action can be exciting, but its community truly makes SHIB stand out. While price swings often draw attention, Shiba Inu’s true strength lies in its community. The ShibArmy has shown steady support even during uncertain times, and this loyalty helps SHIB stay strong and resilient in the crypto market. Instead of waiting for the world to tell them when to move, the ShibArmy stays active and prepared.

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    This strength is not new. From the beginning, Ryoshi’s vision for Shiba Inu was more than charts and numbers; it was about creating a project and a community that could endure and be ready when the world finally noticed. The latest reaction to Powell’s hint reflects that same vision, with holders not simply chasing prices but being committed to the bigger picture.

    The ShibArmy understands that charts can rise and fall, but true resilience comes from staying together and believing in the long-term story. Powell’s possible rate cuts may have lit the spark for the latest surge, but the community’s loyalty keeps the fire burning. As others wait on the sidelines for more signals, SHIB’s supporters repeatedly prove they are always ready for what comes next.

    SHIB erases gains triggered by Powerll’s speech | Source: SHIBUSDT on TradingView.com

    Featured image from Dall.E, chart from TradingView.com

    Sandra White

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  • Shiba Inu Price Could Jump 200% To $0.00006 In October, Here’s Why

    Shiba Inu Price Could Jump 200% To $0.00006 In October, Here’s Why

    Shiba Inu has been on an uptrend recently, after suffering losses for the better parts of the second and third quarters of the year. This recovery going into the new month plays into the high expectations for the meme coin, especially in Q4, when the altcoin’s price is expected to more than double. Using historical data, this report elaborates on why the expectations for the Shiba Inu price are high going into the last quarter of the year 2024.

    The Most Bullish Month Of The Year For Shiba Inu

    According to historical performance, the end of September is about to usher in the most bullish quarter of the year 2024 for Shiba Inu. This is especially true for the month of October which has never ended in the red for the meme coin. If this trend holds, then the SHIB price could continue to rise from here.

    Data from the CryptoRank website shows that the Shiba Inu price has seen an average return of +283.4% in the month of October. This average return could mean that the Shiba Inu price could triple by the time the month of October is over.

    Such a rise would put the SHIB price around the $0.00006 level this month. Additionally, if the recovery continues through the end of the year as expected, then the meme coin’s price could be seeing a new all-time high price before the year is over.

    Also, the last time that SHIB ended the month of September in the green was 2021, and the month of October went on to see an 833% increase in the space of one month. Now, 2024 is about to be the first in three years when the SHIB price is ending in the green again. A repeat of the 2021 trend would also send SHIB toward a new all-time high.

    Will Q4 End In Green Or Red?

    While the crypto market has often seen a good turn in Q4, the Shiba Inu price has not been very lucky after the month of October. According to CryptoRank, the average returns for November and December are in the negative with -15.9% and -6.12%, respectively.

    This doesn’t bode well for the Shiba Inu price and could suggest a good time to sell for investors. If this follows, then October could be a good time to move out of the altcoin and move back in in December. However, if the Bitcoin uptrend continues into the end of the year, it could see the SHIB price rise into the new year.

    Shiba Inu price chart from Tradingview.com

    Scott Matherson

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  • Shiba Inu Symmetrical Triangle Pattern Reappears, Why A 200% Rally Is Possible

    Shiba Inu Symmetrical Triangle Pattern Reappears, Why A 200% Rally Is Possible


    Este artículo también está disponible en español.

    Shiba Inu (SHIB) may be on its way to reclaim former price highs, as a crypto analyst identified as the ‘Charting Guy’ has confirmed the reappearance of a unique symmetrical triangle pattern on the SHIB price chart. A breakout from this symmetrical triangle could see Shiba Inu potentially rallying above 200% from its current price. 

    Shiba Inu Triangle Pattern Points To Breakout

    On September 23, Charting Guy took to X (formerly Twitter) to unveil a new trend pattern in Shiba Inu’s price chart. The chart highlighted three wave patterns and several Fibonacci retracement levels which acted as resistance and support zones for Shiba Inu’s price.

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    Source: X

    In classic wave 1 and 2, Shiba Inu’s price movements exhibited a series of fluctuations, followed by a brief upward momentum before sliding downwards again. Now in wave 3 which the analyst has predicted would be an explosive one, Shiba Inu has formed a historical symmetrical triangle pattern which could trigger a potential surge to new highs at $0.0.0000493, representing a 244% rally. 

    Currently, Shiba Inu is trading at $0.0000143, with its next key resistance at the 0.382 Fibonacci retracement level, near $0.0000164. If the meme coin fails to surpass this resistance, the 0.236 Fibonacci retracement level at $0.000011 could provide strong support. 

    In contrast, if Shiba Inu exceeds resistance levels at $0.0000164, the cryptocurrency could see its price breakout to $0.0000226. More resistance can also be seen at Fibonacci retracement levels around 0.618 and 0.702, representing the $0.0000312 and $0.0000392 price marks, respectively. 

    If Shiba Inu can successfully break out of these key levels, the cryptocurrency would experience an explosive surge to $0.0000493, a price level well above its previous March high of around $0.000045. 

    Interestingly, this price level is not the highest Shiba Inu can reach based on its symmetrical triangle pattern. According to the Charting Guy, if SHIB can break above the 0.888 Fibonacci retracement level at $0.0000651, the meme coin could potentially skyrocket to new all-time highs at $0.0000884, corresponding to the 1 Fibonacci retracement level and marking a massive rally of approximately 518%. 

    However, in the event that Shiba Inu fails to surpass this key level, it is likely to find support at the 0.786 Fibonacci retracement level of $0.00004936. 

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    SHIB Price Analysis

    Supporting the optimism surrounding Shiba Inu’s future outlook, the cryptocurrency has been on a steady upward trajectory. In the past week, the price of Shiba Inu increased by an impressive 8.91%. However, it has recently retraced some of those gains, experiencing a 1.52% decline in the last 24 hours. 

    Earlier in March, Shiba Inu witnessed a significant rally, positioning it as one of the top gainers. According to data from CoinMarketCap, the cryptocurrency has seen a staggering 95.65% price increase since the start of 2024. 

    Shiba Inu price chart from Tradingview.com
    SHIB price pushes toward $0.000015 | Source: SHIBUSDT on Tradingview.com

    Featured image created with Dall.E, chart from Tradingview.com

    Scott Matherson

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  • Shiba Inu To Rally 100% To $0.000062? Analyst Reveals Why This Is Possible

    Shiba Inu To Rally 100% To $0.000062? Analyst Reveals Why This Is Possible

    A crypto analyst has identified a key technical indicator in the Shiba Inu price chart that suggests that the cryptocurrency is set to witness a major price rally to new highs. 

    Asymmetrical Triangle Signaling SHIB Price Surge Appears

    A crypto analyst identified as Captain Faibik on X (formerly Twitter) has unveiled a distinctive technical pattern in Shiba Inu’s price chart. Sharing a 6-hour chart of Shiba Inu’s native token, SHIB against Tether (USDT), the analyst revealed an asymmetrical triangle pattern, which indicated that the cryptocurrency may enter a bullish trend during the first two weeks of April. 

    The asymmetrical triangle pattern is a technical indicator which displays a period of consolidation before the price of a cryptocurrency is forced to break out or down. Oftentimes, the triangle patterns are interpreted as bullish, especially if the cryptocurrency is already in an uptrend. This is because the emergence of the technical pattern is a sign that the price of the token will continue moving upwards. 

    Regarding Shiba Inu, Faibik has interpreted the technical pattern as a potential bullish breakout, predicting an upcoming rally that could see the price of Shiba Inu doubling. The price chart has revealed that SHIB’s price could potentially rise between 0.00058 to 0.00062 around the second to third week of April.  

    At the time of writing SHIB is priced at $0.000271, reflecting a 0.45% dip in the last 24 hours. Over the past week, the cryptocurrency saw a decrease of more than 10%. The emergence of this new technical pattern may offer investors renewed optimism, viewing declines as buying opportunities. 

    Shiba Inu Surpasses Bitcoin In Trading Volume on Indian Exchange

    Prominent Indian crypto exchange, WizarX recently revealed its top five most traded cryptocurrencies in March 2024, with Shiba Inu dominating the pack as the platform’s most traded cryptocurrency. The doggy-themed meme coin claimed first position, surpassing Bitcoin (BTC), the world’s largest cryptocurrency, which took second place. 

    Ranking third to fifth place were Pepe (PEPE), Dogecoin (DOGE), and Floki (FLOK), respectively, which are some of the trendiest meme coins in the crypto space currently. 

    Shiba Inu’s accomplishment as the most traded cryptocurrency on this Indian crypto exchange underscores its growing popularity across various global regions. The meme coin recently made headlines for being one of the top most searched cryptocurrencies on Google. Moreover, SHIB has consistently experienced a notable increase in demand and interest from investors and traders alike within the crypto space. 

    SHIB price recovers to $0.000027 | Source: SHIBUSDT on Tradingview.com

    Featured image from Analytics Insight, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Scott Matherson

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  • Shiba Inu Going To $0.0001: Crypto Analyst Reveals What Will Drive The Rally

    Shiba Inu Going To $0.0001: Crypto Analyst Reveals What Will Drive The Rally

    Shiba Inu has gone on various price spikes in the past few months amidst a surge in activity and interest in the meme coin. This price movement has prompted traders and analysts to ponder on when SHIB can reach the much coveted $0.0001 mark, a price level which it has largely failed to reach despite the impressive price action. 

    Micheal_EWPro, a crypto analyst, posted an analysis on when SHIB could potentially reach the $0.0001 price level. According to him, the current dynamics could push SHIB above $0.0001 in June. Interestingly, his price prediction is based on the Elliott Wave Theory.

    Analyst Reveals SHIB Is Going To $0.0001

    According to the SHIB chart shared by Michael on the 3-day candlestick formation, the meme coin’s price formation since 2022 has largely followed the Elliott Wave count. The Elliot Wave Theory is basically a technical analysis method that analyses price movement traditionally in terms of a 5-wave move in the direction of the larger trend and a 3-wave correction in the opposite trend.

    Each of these Elliott Wave can be further subdivided into various patterns of smaller degree impulses based on their formations. However, all the subdivisions add up to one larger wave impulse.

    Using this knowledge of Elliot Wave Theory, the analyst noted that SHIB has started the formation of the third of five larger degree waves since October 2023 albeit with smaller degree impulses which he labelled as i, ii, iii, iv, and v. Traditionally, the third Elliot Wave is usually the largest and most powerful wave in a trend where most of the price action takes place. As a result, his analysis points to the third wave ending at a price just above $0.0001 in the first week of June.

    The analyst did implore a take-profit at $0.00008854 and a final price target of $0.00010191, while also noting that the bulls still have some work to do before this price point can come to a reality. 

    What’s Next For Shiba Inu?

    Shiba Inu has reversed since reaching $0.00004456 and has majorly traded between $0.000030 and $0.0000275 since the beginning of the week. However, analysts and SHIB enthusiasts remain positive, especially with SHIB securing a listing on an Australian-based crypto exchange.

    This positive sentiment recently pushed SHIB to second place in crypto searches. At the same time, Shiba Inu’s layer-2 platform, Shibarium, has seen its TVL surging to a new high of $3.9 million.

    At the time of writing, SHIB is trading at $0.00003097, up by 14% in the past seven days. 

    SHIB price at $0.000031 | Source: SHIBUSDT on Tradingview.com

    Featured image from TronWeekly, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Scott Matherson

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  • Crypto Analyst Predicts Further Upside For Shiba Inu, Here’s The Target

    Crypto Analyst Predicts Further Upside For Shiba Inu, Here’s The Target

    Shiba Inu is currently on a consolidation path after a strong upswing earlier in the month. Specifically, SHIB is currently down by 13% in the past seven days, although still up by 210% in a wider 30-day time frame. According to crypto analyst Javon Marks, Shiba Inu is on its way to another major breakout after the current consolidation. The analyst sees the meme coin surging to $0.000081, and then a further 90% increase to hit a new all-time high.

    Continued Uptrend For Shiba Inu

    Shiba Inu has seen massive gains recently, rallying 280% from $0.00001178 on the last day of February to $0.00004456 on March 5. This surge allowed the dog meme coin to outperform most cryptocurrencies amidst a wider bull market, taking a lot of traders by surprise. This price surge was accompanied by an increase in trading volume. Kaiko data reveals that Shiba Inu saw the largest volume among meme coins at $31 billion in just one week.

    However, according to social media posts, analyst Javon Marks had predicted a surge as far back as October 2023, with a SHIB price target of $0.000081. In a recent update to his prediction, Javon noted that the price is set for even more growth, with the breakout target of $0.000081 still valid. 

    It’s interesting to note that SHIB has done approximately a 531% increase since Javon’s prediction in October. Furthermore, according to his analysis, a break and hold above $0.000081 could set the stage for another 90% upside to $0.0001553, a new all-time high for the meme coin.

    Current State Of Shiba Inu

    Shiba Inu has reversed since reaching $0.00004456 and has majorly traded between $0.0000365 and $0.0000295 in the past week. On-chain data points to a surge in trading volume during this time period. Particularly, IntoTheBlock’s large trader flow metric, which measures transactions greater than $100,000 has surged, reaching $578.11 million (17.62 trillion SHIB) on March 11th. The last 24 hours saw 9.94 trillion SHIB ($300.55 million) in large transactions. 

    While this surge in trading volume could mean an increased accumulation from large traders, it could also mean a selloff, as indicated by the recent drop in price. However, the crypto looks poised to resume price gains, and on-chain signals from ITB point to a bullish sentiment. 

    Lola, a SHIB enthusiast, listed on X, key factors that could contribute to the meme coin’s growth in the near future. These factors range from SHIB’s decentralization, global accessibility and adoption, its strong community, and an efficient deflationary burn mechanism. Notably, over 25.6 million SHIB tokens have been burnt in the past 24 hours.

    SHIB price retraces to $0.0000288 | Source: SHIBUSDT on Tradingview.com

    Featured image from The Economic Times, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Scott Matherson

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  • Crypto Analyst Predicts Shiba Inu Price To Surge Above $0.00001

    Crypto Analyst Predicts Shiba Inu Price To Surge Above $0.00001


    After months of experiencing slow growth, the Shiba Inu native token SHIB has begun riding the bull market wave and surging with new gains. As a result, a crypto analyst has predicted new highs for the doggy-themed cryptocurrency, estimating the price of SHIB to reach $0.00001.

    Analyst Foresees Bullish Trajectory For Shiba Inu

    Crypto analyst and investor SHIB Knight took to X (formerly Twitter) on Monday to discuss SHIB’s recent price movements. Lately, the doggy-themed token has been witnessing significant price increases, pushing it closer to the coveted $0.00001 price mark. 

    According to CoinMarketCap, SHIB has recorded about 1.32% in gains over the last seven days and is trading at a price of $0.000009 at the time of writing. 

    Martinez shared a chart illustrating SHIB/Tether’s price movements. He disclosed that the price of SHIB was experiencing a technical breakout on a two-hour chart from the downtrend that has been plaguing the cryptocurrency market. This suggests that the Shiba Inu token may be on its way to a price recovery after experiencing significant declines despite its flourishing ecosystem and community.

    Subsequently, SHIB Knight shared another chart showing SHIB’s price movement with an arrow pointing toward a surge to $0.000014. The crypto analyst predicted that SHIB could pump at any time, suggesting that investors should stay alert and keep watch of the cryptocurrency’s present bullish outlook. 

    SHIB price at $0.00000899 | Source: SHIBUSD on Tradingview.com

    Analyst Predicts SHIB To Surge To $0.01

    As the crypto market gradually exits bearish trends that have been causing the declines of many altcoins, SHIB has positioned itself at the forefront of the potential market recovery, preparing for the anticipated 2024 bull run. 

    Crypto analyst Ali Martinez disclosed in an X post that SHIB is gearing up for a significant upswing that could push it to unprecedented highs. Martinez shared a chart initially published on TradingView, illustrating the price trends and movements of SHIB from November 2023 to February 2024. 

    The chart revealed red and green zones in Shiba Inu’s token price trend. Relying on his analysis of these price movements, Martinez predicted that the value of SHIB could climb as high as $0.010 or potentially surpass that price mark to $0.011. The occurrence of this event could signify a potential breakthrough for the cryptocurrency as SHIB has only been able to achieve an all-time high of $0.0009 since its inception. 

    Featured image from Dall.E, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



    Scott Matherson

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  • Shiba Inu Burn Rate Surges Over 1,400%, As Price Recovers

    Shiba Inu Burn Rate Surges Over 1,400%, As Price Recovers


    Shiba Inu, an Ethereum-based meme coin, is presently in the limelight as its burn initiative has witnessed a significant surge in its token burn rate in the past day, suggesting increased engagement from the community.

    Shiba Inu Daily Burn Rate Skyrockets

    Data from Shibburn reveals that the last 24 hours have seen a notable spike in the Shiba Inu burn rate. The tracker reported that the burn rate has recorded a massive 1,411% increase today, January 30.

    According to the platform, over 61 million SHIB tokens have been incinerated in the last 24 hours. The increase in burn rate coincides with a recent rally in the price of Shiba Inu.

    Shibburn shows that the present rise in burn rate was caused by two large burn transactions. It was discovered that the two transactions destroyed a total of 48.9 million SHIB in less than one hour.

    The first transaction orchestrated by the wallet address 0x85a860003705c56…7eb2f4bcc7 witnessed about 21 million SHIB being destroyed. Meanwhile, the second transaction carried out by another wallet address 0x85a860003705c56…7eb2f4bcc7 saw over 27 million SHIB tokens being burned.

    The Shiba Inu burn rate might have been up in the past day, but in the past week, the rate appears to have been down. From the hourly SHIB burn update on X (formerly Twitter), the rate is down by over 48% in the past week. Furthermore, the report noted that over 113.42 million Shiba Inu tokens have been destroyed in the past seven days.

    Even though tokens have been burned virtually every day for more than a year now, the burn rate has not made a crater in the supply that is in circulation. So far, Shiba Inu has burned over 410.70 trillion SHIB since the initiative was introduced. 

    Currently, the overall supply in circulation is about 581.29 trillion SHIB. This indicates more work to be done by the SHIB community before the incineration has a weighty effect.

    SHIB Prices Recovers Amid Burn Rate Rise

    Shiba Inu price, as of today, appears to have recovered from a lengthy bearish trend it has been struggling with. However, there is no solid proof that the rise in burn rate had any impact on the crypto asset’s recent rally.

    As of the time of writing, the price of Shiba Inu was sitting at $0.000009254, indicating a 2.24% rise in the past 24 hours. CoinMarketCap reveals that its market cap and trading volume are up by 2.19% and 45.16% in the past day.

    Furthermore, the digital asset is now ranked 17th overall in terms of market cap due to its recent price recovery. With the recovery, SHIB has attracted attention from investors and sparked fresh sentiments over possible long-term growth.

    SHIB trading at $0.00000927 on the 1D chart | Source: SHIBUSDT on Tradingview.com

    Featured image from iStock, chart by Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



    Godspower Owie

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  • Crypto Analyst Predicts 100% Surge For Shiba Inu, But There’s A Roadblock

    Crypto Analyst Predicts 100% Surge For Shiba Inu, But There’s A Roadblock

    Through the rips and dips of the crypto market, the Shiba Inu price has been able to maintain a rather consistent bullish momentum, something that cannot be said for a lot of cryptocurrencies. Given this sustained bullish sentiment, the meme coin is primed to be one of the assets to see a massive rally as the market inches toward another bear market. In the short term alone, pseudonymous crypto analyst MMBTtrader is predicting that the price will mount a 2x rally.

    Shiba Inu Price Ready To Rise 100%

    In a recent analysis, crypto analyst MMBTtrader reveals why they believe that the Shiba Inu price is set to double.  As the chart shows, there has been a steady uptrend in the Shiba Inu price over the last few months, and even when the uptrend seemed to have come to an end, the SHIB price maintained a relatively high price compared to its October lows.

    This outperformance has continued into the new year as SHIB was able to still maintain the $0.00001 level despite dips rocking the crypto market. This suggests that bulls have been able to successfully turn $0.00001 into support. In this scenario, it could easily become a launchpad for the price.

    Source: TradingView.com

    The crypto analyst’s prediction suggests that it could begin to range at its current price. However, once this ranging ends and accumulation is complete, this is where the real fun begins for the SHIB price when the rally is expected to begin.

    A bounce from here would see SHIB easily clear the $0.000014 level with no hassle. However, the first roadblock lies just above here. In the event that Shiba Inu is quickly able to surmount the resistance at $0.0000143, another pump is expected that could lead up to $0.000018.

    Since there is no such thing as a single continuous upward movement, resistance is expected just below $0.000018. Nevertheless, this is the last resistance and if Shiba Inu climbs above this level, then it is expected to shoot above $0.00002, completing a 100% move from its current price.

    Shiba Inu price chart from Tradingview.com (SHIB 100% rally)

    SHIB price at $0.0000094 | Source: SHIBUSD on Tradingview.com

    SHIB Sways Amid Market Uncertainty

    In the weeks leading up to January, confidence around the potential approval of a Spot Bitcoin ETF was at an all-time high, with experts giving it a 95% chance of approval. However, this sentiment has begun to sway especially as BlackRock revealed it will be delaying its $10 million BTC purchase.

    As a result, the price of cryptocurrencies across the space declined rapidly and the Shiba Inu price was not left out. SHIB finally lost its footing at $0.00001 for the first time in over two weeks, falling to the $0.000009 region once again.

    However, this is not out of the ordinary and could lead to the SHIB ranging and accumulation that the crypto analyst outlines. In such a case, this could present a setup for a bigger price rally as expectations for a bull market grow high.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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  • Shiba Inu Team Unveils Enhanced SHIB And BONE Burns, What This Means

    Shiba Inu Team Unveils Enhanced SHIB And BONE Burns, What This Means

    Shibarium’s burning mechanism has been in the limelight of late, especially with the recent record of over 8 billion Shiba Inu tokens burnt in a single day. This burning mechanism seems to have undergone an update, which could further enhance its performance. 

    Shibarium Undergoes Swift Hard Fork

    A screenshot containing a discord message from DaVinci (a member of the Shiba Inu development team) surfaced online recently. In the message, DaVinci mentioned that Shibarium would undergo a hard fork at Block 1962000. That suggests that the upgrade already took place as there are already over 2 million blocks on the layer-2 network at the time of writing.

    Meanwhile, the main purpose of this hard fork is to enhance the network’s burning mechanism. This will enable support for multiple burn tokens, with BONE and SHIB (the governance tokens of Shibarium) being the main focus. DaVinci also mentioned to node providers that a Genesis update would be required since it was a hard fork. 

    Further Clarification On What The Hard Fork Entails For Shiba Inu

    Shibarium had earlier provided clarification of what this new era of the network entails. A blog post published on the Shibarium site mentioned that Shibarium’s burning mechanism will initially be manually managed as part of this upgrade. This is to ensure alignment with the network’s health and sustainability. In this phase, the burn process will be managed by the official deployer.

    Once that is done, Shibarium will apparently transition to an automated system starting in January. As part of this transition, Shibarium is expected to witness further upgrades in a bid to “enhance efficiency and reliability.” According to the network, the automated burn process “will operate based on predefined rules,” although it didn’t provide further details on this. 

    Node provider NOWNodes noted in a blog post that this upgrade will also facilitate mass adoption for Shibarium. That could explain why there is a need to enhance the burning mechanism as part of the upgrade. Considering that there is a correlation between the transaction volume and token burns, Shibarium needs to be well prepared to handle the number of tokens that need to be burnt following a potential increase in transaction count. 

    The layer-2 network is currently flying high as the total transaction count on it continues to skyrocket. According to data from the Shibarium Explorer, the total transactions on the network stand at over 58 million at the time of writing. Shibarium has surpassed the milestones of 5 million, 10 million, 20 million, and 35 million mark in just about a week. 

    Shiba Inu price chart from Tradingview.com

    SHIB price reclaims $0.00001 | Source: SHIBUSD on Tradingview.com

    Featured image from Crypto News, chart from Tradingview.com

    Scott Matherson

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  • Shiba Inu Burn Rate Rises Rapidly In One Week, What’s Been Driving It?

    Shiba Inu Burn Rate Rises Rapidly In One Week, What’s Been Driving It?

    The rise in the Shiba Inu burn rate has no doubt been one of the most notable developments in the community. At the start of the week, the burn rate rose over 7,000,000% after more than 8 billion tokens were burned in a 24-hour period. This trend has not slowed down either given that the burn figures have continued to rise daily.

    Shiba Inu Burn Surge Continues

    Earlier in the week when the Shiba Inu burn saw one of its highest daily spikes, the total number of tokens burned had come out to just over 8 billion. At the time, this was a significant figure given that the burn rate had been slowing down over the last year. However, there has been a steady rise in the number of SHIB tokens that are being burned lately, which raises the question of what is driving the burn.

    After a dip in the burn rate following the 8 billion daily burn, the community is back at it again and their zeal has been rewarded once more. On Thursday, the burn tracker Shibburn reported that the 24-hour figure had crossed 10 million once again. This shows a steady recovery from Wednesday’s figures which had tanked significantly.

    Source: Shibburn

    As Shibburn data shows, the 10.34 million SHIB that were burned in the last 24 hours amounts to an 803.4% increase in the burn rate compared to the previous day. The majority of the burns have, however, come from a single wallet address. The address sent a little over 10.2 million SHIB to the burn address.

    This recent spike in the BURN rate has also added to the total amount burned on a weekly basis. The figure comes out to 8.497 billion, which is a 1,969.72% increase from the previous week’s figures.

    Shiba Inu price chart from Tradingview.com

    SHIB bulls struggle to maintain control | Source: SHIBUSD on Tradingview.com

    What Is Driving The SHIB Burn?

    The most significant burn for the week was the 8.2 billion burn, most of which came from a single address. This address was the ShibaSwap deployer wallet, which meant that the SHIB team was the one burning the tokens.

    The spike in the burn rate coincides with the increased usage of the Shiba Inu layer 2 blockchain Shibarium, which marked multiple milestones this week. As the usage has risen and more fees were collected on the network, the amount of SHIB to be burned rose drastically.

    Daily transactions on Shibarium have consistently come out above 7 million this week, bringing the total transactions on the network above 51 million. If this continues, then the burn rate could continue to rise as more usage of the L2 means more fees being burned.

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  • Shiba Inu Community Project Calls Out Founders For Refusing To Burn 103 Trillion SHIB

    Shiba Inu Community Project Calls Out Founders For Refusing To Burn 103 Trillion SHIB

    Shiba Inu (SHIB) burn tracker, Shibburn, has called out the creator of the meme coin, who goes by the pseudonym “Ryoshi”. The community project seemed to suggest that Ryoshi wasn’t acting in the best interest of the SHIB ecosystem.  

    How “Ryoshi” Has Hampered SHIB’s Burn Rate

    In a series of posts on their X (formerly Twitter) platform, Shibburn alleged that the founders of the token haven’t always been honest in their dealings. Specifically, the platform suggested that the founders have forestalled the token’s burn rate by refusing to burn over 103 trillion SHIB. This particular allegation stemmed from their statement about Ryoshi’s SHIB holdings.

    Shibburn mentioned that Ryoshi lied about how much SHIB they held. They stated how the SHIB founder had, in their own words, claimed to hold “0 SHIB” as doing otherwise could bring about a conflict of interest. Meanwhile, that turned out to be a lie, as Ryoshi apparently holds over $1 billion worth of SHIB.

    The founders have apparently gone to great lengths to hide their holdings as they keep moving them across separate wallets. In doing so, Shibburn believes that they have impeded the ecosystem’s growth as some of these tokens are meant to be burnt. Shibburn went as far as alleging that Ryoshi didn’t care about SHIB’s development and was only out for themselves.

    Shiba Inu Founders Only Out To Enrich Themselves 

    As part of the shocking revelations, Shibburn mentioned that Ryoshi may not be who many think of them as. Instead, they are said to be a “group of greedy investors” who are just looking to profit off the community. To achieve this, SHIB is said to be their “golden goose,” which they use as a means to enrich themselves. 

    Besides Ryoshi, SHIB’s lead developer, Shytoshi Kusama, was also caught up in the mix. Shibburn accused the developer of not being a “real dev” and suggested that Shytoshi was also out to make profits off the community. One instance that they alluded to was how the developers allegedly rewarded themselves with a “large amount of $BONE” when ShibaSwap was created.

    Shibburn hinted that was the reason why BONE was made a gas token for Shibarium, possibly in a bid to increase the token’s utility and make it more valuable. Shytoshi has yet to respond to these allegations neither has anything been posted on the official announcements blog, where the developers are known to give regular updates.

    Shiba Inu also seems unfazed by these allegations. At the time of writing, the meme coin is trading at around $0.000008189, up in the last 24 hours, according to data from CoinMarketCap. 

    SHIB price stalls as bulls vie for control | Source: SHIBUSD on Tradingview.com

    Featured image from Coins.ph, chart from Tradingview.com

    Scott Matherson

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  • Shiba Inu Sees A Whopping 48,000% Increase In SHIB Burn Rate

    Shiba Inu Sees A Whopping 48,000% Increase In SHIB Burn Rate

    The Shiba Inu community has again ramped up its SHIB burning efforts, causing a massive burn rate spike. Despite SHIB’s tumbling price in the past seven days, Shiba Inu’s burn rate has recorded a nearly 48,000% increase.

    The SHIB community is determined to cut down the Shiba Inu circulating supply, a feat that many believe will positively impact the token’s price. 

    SHIB Community Intensify Token Burn Efforts Following  Slight Decline

    According to data from the Shiba Inu burn tracker, Shibburn, the SHIB burn rate has spiked 47,908% in the last 24 hours. The SHIB ecosystem swept 28.129 million SHIB tokens off circulation into the dead wallet on November 21. Over the past seven days, the SHIB burn rate has increased by 26.29%, with over 290 million tokens wiped off circulation.

    According to Shibburn’s data, the most notable burn transaction was a whopping 28.15 million SHIB tokens transferred by an unknown address. The large number of SHIB tokens burned by the anonymous wallet attracted the attention of SHIB enthusiasts. Information on the SHIB burn tracking website shows that the burn transaction occurred 15 hours ago. 

    In all these, the SHIB community has removed 410.66 trillion tokens from the initial SHIB token supply. As of writing, approximately 589.34 trillion coins remain as the total Shiba Inu token supply. Also, Shiba Inu’s circulating supply stands at ~580.4 million tokens.

    The Shiba Inu community has long been working to reduce the meme coin’s enormous supply and introduce scarcity. Shiba Inu token burns are often sporadic, and some days may witness more token burns than others. Today’s massive increase comes after a 98.79% decline in the SHIB burn rate observed on November 20. 

    According to Shibburn’s November 20 report, only 983,884 Shiba Inu tokens were burnt in three transactions. The highest burn transaction was one involving 42,850 SHIB tokens. This figure represented a significant decline from what was observed in the previous days.

    Shiba Inu Price Outlook 

    While members of the Shiba Inu community believe the token burn spree will positively impact SHIB’s price, the meme coin has followed an opposite trajectory. Its price has been in a downturn in the past week, with a seven-day decline of over 1%. As of the time of writing, Shiba Inu trades at $0.000008345, with a 4% 24-hour decline. 

    Source: TradingView.com

    SHIB candles in the past week are below the median band of the Donchian Channel (DC), suggesting a possible decline ahead for the asset. If it drops to the lower band, then the bears may take full control of its price action and could facilitate more downturns. 

    But the good news is that SHIB still holds nearly 20% of its past month’s gains. This could mean there is hope for a rebound since the market shows some bullish activity.

    Featured image from Pixabay and chart from TradingView.com

    Kent Tenix

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  • Shiba Inu Price Prediction: Machine Learning Algorithm Reveals December Target

    Shiba Inu Price Prediction: Machine Learning Algorithm Reveals December Target

    The crypto market has experienced somewhat of a resurgence in recent times. Shiba Inu (SHIB) happens to be one of the altcoins that many seem to have their eyes on during this period. And if the prediction of this machine learning algorithm is anything to go by, it would seem that these SHIB holders are well positioned for more profitable times ahead.

    SHIB’s Projected Price By December

    According to data from the price prediction algorithm on the crypto analytics platform CoinCodex, SHIB’s price is predicted to hit $0.000009534 by December 11. Such price action will represent about a 10% increase from its current price. 

    Meanwhile, the sentiment around the token continues to be bullish, which suggests that many expect the token to rally further despite the impressive gains it has already recorded. 

    With such a bullish sentiment, CoinCodex’s prediction seems more attainable as the ecosystem could see more whales and retail investors jump in on the token. If that happens, it could further add to the buying pressure, an important metric to determine if SHIB could continue riding on this momentum to attain CoinCodex’s prediction by December.

    In line with the bullish sentiment, CoinCodex noted that 24 technical analysis indicators are signaling bullish signals, with only a mere 4 indicators signaling bearish signals. Based on its forecast, the platform predicts that now remains a good time to buy the meme coin despite the impressive gains it has already recorded. 

    Another important metric that CoinCodex highlighted was the fact Shiba Inu’s RSI value currently stands at around 63.05, indicating that the token is neither oversold nor overbought. As to the exact time to buy the token, investors might be able to take a cue from CoinCodex’s five-day prediction as the platform expects a correction to around $0.000008008. 

    The Fundamentals Are Aligning For Shiba Inu

    The Shiba Inu ecosystem has continued to record interesting developments that suggest that the fundamentals are as bullish as the charts and technical analysis. Most recently, the SHIB non-custodial wallet was launched in a bid to promote the ecosystem’s vision of a decentralized state and enhance the crypto experience of Shibizens. 

    Interestingly, the wallet is equipped with certain features that address the fears of using a non-custodial wallet. One of them happens to be a feature that allows users to recover their tokens even if they were to forget their seed phrase. The wallet also integrated Web3Auth to make the user onboarding experience effortless and straightforward.

    At the time of writing, SHIB is trading at around $0.000009465, up by over 14% in the last 24 hours, according to data from CoinMarketCap. 

    SHIB crosses $0.0000092 | Source: SHIBUSD on Tradingview.com

    Featured image from Times Tabloid, chart from Tradingview.com

    Scott Matherson

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  • Shiba Inu Team Unveils ‘The SHIB’, What Is It? | Bitcoinist.com

    Shiba Inu Team Unveils ‘The SHIB’, What Is It? | Bitcoinist.com

    The Shiba Inu ecosystem continues to be a bubbling hub of activities with new projects and innovations coming out of the woodwork. The latest addition to this thriving ecosystem is “The SHIB” magazine, and many SHIB community members and crypto enthusiasts are looking forward to what this new publication brings to the ecosystem. 

    The Shiba Inu Magazine Takes Off

    The SHIB community has been brimming with excitement following the launch of ‘The SHIB,’ an exclusive magazine for the Shiba Inu ecosystem and the broader crypto community. Lucie, Shiba Inu’s market specialist made the official announcement of the release of The SHIB in an X (formerly Twitter) post on November 7.

    The publication marks a significant step forward for the Shibarium ecosystem as it serves as a gateway for crypto enthusiasts to obtain accurate and insightful information on Shiba Inu’s growth and evolution as well as the latest updates on disruptive blockchain technology and crypto industry developments. 

    The magazine will also cover a wide range of topics including Shibarium product updates and developments, community updates, trending tokens, exclusive interviews with key figures in the crypto industry, and entertainment events in the Shib ecosystem. 

    The SHIB magazine has also incorporated special features for users including a Non-fungible Token (NFT) minting feature which allows users to mint the cover of the newest edition of The SHIB magazine. Users can also collect many of these minted NFTs and trade them later.

    Additionally, the SHIB team has launched their Shib Name Service (SNS) allowing users to get their personalized SHIB names which come with a privacy feature that safeguards their online identity and allows easier access to The SHIB. 

    ‘The SHIB’ On A Rocky Start

    The highly welcomed Shiba Inu magazine, The SHIB has taken an unexpected turn as technical issues emerged following its release. 

    A Shib community member, Kaal revealed that the self-custodial authentication system integrated into The SHIB magazine was having several technical difficulties which was negatively impacting the experience of users. 

    “The newly introduced self-custodial authentication system as part of The Shib magazine is having some technical issues for some users, we are working towards fixing this as soon as possible,” Kaal stated. 

    Lucie also informed users of other technical challenges in The SHIB platform. She explained that the website’s login feature was temporarily unavailable and apologized for the delay and inconvenience caused by the issue. 

    Lucie assured SHIB community members that the technicalities were minor and promised to continually update members on the platform’s progress, adding that the Shib team was actively working towards solving the problem. 

    “We want to inform you that our log-in feature is temporarily unavailable due to a minor issue on our website. Please rest assured that we are aware of the situation and our team is actively working to resolve it,” Lucie stated.

    SHIB price holding above $0.000008 | Source: SHIBUSD on Tradingview.com

    Featured image from Watcher Guru, chart from Tradingview.com

    Scott Matherson

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  • Shiba Inu Promising Developments Point Toward Sustained Price Growth

    Shiba Inu Promising Developments Point Toward Sustained Price Growth

    The layer-2 network Shibarium continues to make great strides, as recent happenings in the ecosystem suggest. These developments have also further reignited the bullish sentiments among many in the Shiba Inu community as they predict an upward momentum in the token’s trajectory. 

    Shibarium Standing Strong

    Shibarium has continued to make great strides since relaunching after its botched launch. The network recently launched its name service, which provides an easier and more seamless way for users on the network to transact. 

    The network also seems to be generating a lot of buzz and utility as the node provider NOW Nodes recently announced that Shibarium was one of the best-performing networks in their ecosystem in recent times. 

    According to them, they have processed over 66 million requests to Shibarium since launching shared access to the Shibarium RPC full nodes in September. Meanwhile, they also highlighted plans to bring Shibarium to “big exchanges and wallets.” 

    As part of these plans, the next step includes finding liquidity providers that will help these exchanges and wallets “fully integrate Shibarium.” One such exchange could be the Australian-based GroveX, which announced that they were in the process of integrating the network into their platform. 

    Meanwhile, on-chain activity on the network continues to rise. According to data from the network explorer Shibariumscan, the network is close to hitting the four million mark in terms of transactions processed. Shibarium is also currently seeing an average of 14,000 daily transactions. 

    From all indication, there is no doubt that the network’s team are putting in “true work,” as Shiba Inu’s lead developer, Shytoshi Kusama, once pinpointed it as what was needed if the community members were going to see a significant increase in SHIB’s price. 

    Shiba Inu is currently trading at $0.00000792 territory. Chart: TradingView.com

    Atomic Wallet Reportedly Adds Support For Shibarium 

    In a post shared on her X (formerly Twitter) platform, Shiba Inu’s marketing lead, Lucie mentioned that some token holders in the Shibarium community informed her that the decentralized wallet Atomic Wallet had allegedly added Shibarium to their platform. 

    However, this move is yet to be confirmed as the decentralized wallet hasn’t released any statement about such integration neither does Shibarium seem supported on the wallet as the time of writing.

    Back in January this year, Atomic had mentioned that they were going to support Shibarium upon the layer 2 network launching, but nothing has been said to that effect since then.

    If eventually confirmed, such news will undoubtedly be bullish for the ecosystem. Such a move could see Atomic’s 5 million plus registered users get onboarded into the network and further increase the demand for the ecosystem’s utility tokens. 

    Shiba Inu is currently trading at around $0.000007893, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

    Featured image from Shutterstock

    Scott Matherson

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  • XRP And Shiba Inu Rally Is Not Over According To This Indicator

    XRP And Shiba Inu Rally Is Not Over According To This Indicator

    The crypto industry saw a spectacular run in October, as a few cryptocurrencies like Bitcoin and Solana registered new yearly highs. However, the entire market seems to be taking a breather after this action-packed October that saw Bitcoin, XRP, and Shiba Inu lead impressive rallies. 

    On-chain data, particularly from the crypto analytics platform Santiment, showed October ended on a somehow bearish note. But history from this particular metric suggests that the rally might not be over. 

    XRP And Shiba Inu Rally Not Over

    The first few days of November appear to be devoid of significant crypto price movement, with the exception of occasional whale transfers. At the time of writing, XRP and SHIB are down by 1% and 2%, respectively, in a 24-hour timeframe. Bitcoin and Ethereum are also down by 2.51% and 1.93% respectively. Some crypto experts attribute this decline to traders taking profit, while others think the crypto market has returned to its normalcy of bearish sentiment.

    Popular crypto analytics platform Santiment predicted this sentiment a few days ago. According to Santiment, the Bullish Vs Bearish Sentiment Keyword turned towards a bearish ratio at the end of October. The metric, which tracks various keyword mentions like “buy,” “sell,” “buying,” “selling,” “topped,” and “bottom” on social media, spent the bulk of October on the bullish end of its range.

    The firm quickly pointed out that previous instances of higher ratios of bearish keywords had preceded gains in the market caps of popular cryptocurrencies. Aside from Bitcoin, on-chain metrics and fundamental analysis point to a continued rally for XRP and SHIB. These two cryptocurrencies, in particular, have dominated social mentions in the past few months, according to this indicator.

    Altcoins Still Poised For Growth

    On the fundamental side, XRP has done extremely well, especially as trading resumed on various crypto exchanges. XRP is up by 32% since the beginning of the year, and various analysts have pointed to another price surge. 

    A look into XRP’s price action shows a series of higher low formations since October 30, indicating waning pressure from the bears. XRP is now trading at $0.6036, and the bulls could make another attempt to break over the latest higher high of $0.62 if the price stays above $0.60.

    SHIB has also had a similar path, with updates to its ecosystem like Shibarium contributing to various price surges. SHIB’s price momentum has slowed down at the time of writing, but planned updates to the Shina Inu ecosystem could lead to another price rally soon. 

    At the same time, on-chain signals point to more bullish than bearish. SHIB whales have resumed large transfers to private wallets, as shown by data from Whale Alerts. SHIB is trading at $0.000007788 at the time of writing.

    Despite the entire market cap being down by 2.24% in the past day, data from Coinmarketcap points to greed on the Fear & Greed Index.

    SHIB holding steady above $0.000007 | Source: SHIBUSD on Tradingview.com

    Featured image from Medium, chart from Tradingview.com

    Scott Matherson

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  • Shiba Inu Burn Rate Performance Plummet For The Month Of October | Bitcoinist.com

    Shiba Inu Burn Rate Performance Plummet For The Month Of October | Bitcoinist.com

    According to records from Shibburn, it appears that Shiba Inu‘s burn rate for the month of October saw a significant decline in the total number of Shiba Inu tokens that were destroyed in comparison to the total number that was destroyed in September.

    Shiba Inu’s Burn Rate Fell Significantly

    Shibburn has revealed that the Shiba Inu community burnt approximately 1,461,135,923 (1.46 billion) SHIB tokens from circulation in October. The record was revealed on October 28, when a whopping 250 million SHIB were sent to an address that was deemed inaccessible.

    The 1,461,135,923 (1.46 billion) SHIB tokens that were destroyed by the Shiba Inu community were carried out in 753 distinct transactions. 

    The post read:

    1,461,135,923 $SHIB tokens have been burned in October with 753 transactions.

    However, it may seem the number of SHIB tokens eradicated in the previous month is huge, but it indicates a decrease of 37.12% in its burn rate performance compared to September.

    Shiba Inu is currently traded at $0.0000079 | Source: SHIBUSDT on Tradingview.com

    The platform’s burn rate might indicate a decline in community engagement in the SHIB burn. In September, its marketing specialist Lucie once told the community in September that SHIB burns are a collective effort from both the community and devs since it is based on transaction activity and real engagement from within the platform.

    According to the monthly burn records, the total number of SHIB tokens burnt in September was approximately 2,323,834,085 (2.32 billion) SHIB tokens. This whopping number of SHIB tokens burnt was carried out in 426 discrete transactions.

    Community Reactions On SHIB Burn Rate

    So far, the crypto community has not been impressed by Shiba Inu’s burn rate performance for a while now. Some users have expressed their displeasure and disappointment with the burn rate.

    In response to the October monthly burn rate post, a certain X (formerly Twitter) user expressed his disappointment in the platform’s current burn rate speed. According to the user, it will take approximately 100 years to burn 1,462,000,000,000 (1.4 trillion) SHIB tokens, whereas the current circulating supply of SHIB is 589,000,000,000,000 (589 trillion).

    Related Reading: Shiba Inu Team Member Explains The Importance Of These Latest SHIB Updates

    He further added that SHIB holders are likely not to survive to see the price and laugh about it in the future.

    “At this speed, you can burn 1,462,000,000,000 in 100 years, but the number of coins is 589,000,000,000,000. In the future, the holder probably won’t live to see the price and laugh,” the user stated.

    Another user also pointed at the platform’s hesitation to make a move, due to PEPE destroying over 4 trillion tokens in just one day, while Shiba Inu is destroying 1.4 billion in a month.

    Nonetheless, the program’s successful completion is thought to be a bullish element that could fuel a rise in the price of SHIB. According to CoinGecko, SHIB has increased by about 5% over the past seven days and 12% over the past two weeks.

    Featured image from CryptoGlobe, chart from Tradingview.com

    Godspower Owie

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