Shiba

2024

Bitcoin

Shiba Inu

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<p lang="en-GB" xml:lang="en-GB">According to a recent tweet published by the Shibburn tracking platform, the burn rate of <a href="https://u.today/shib-burns-soar-658-as-shiba-inu-eyes-massive-rebound" rel="noopener noreferrer nofollow">the second largest meme cryptocurrency</a> in terms of market cap has taken a deep plunge.</p>
<p lang="en-GB" xml:lang="en-GB">This has coincided with the SHIB price going below the $0.00002 level today.</p>
<h2 id="shib-burn-rate-drops-62">SHIB burn rate drops 62%</h2>
<p lang="en-GB" xml:lang="en-GB">The above-mentioned data source has stated that within the last 24 hours, the burn rate of Shiba Inu has taken a drastic decline of more than 62%. With this metric value going negative, the total amount of the destroyed meme coins equals 93,088 SHIB.</p>
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 <p lang="en" dir="ltr">In the past 24 hours, there have been a total of 93,088 <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SHIB</a> tokens burned and 3 transactions. Visit <a href="https://t.co/t0eRMnyZel" rel="noopener noreferrer nofollow">https://t.co/t0eRMnyZel</a> to view the overall total of <a href="https://twitter.com/hashtag/SHIB?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SHIB</a> tokens burned, circulating supply, and more. <a href="https://t.co/bkcIF6iyBS" rel="noopener noreferrer nofollow">pic.twitter.com/bkcIF6iyBS</a></p>— Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1802552013344964616?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 17, 2024</a>
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<p lang="en-GB" xml:lang="en-GB">Updated info from the tracker’s website has shown little progress, with the <a href="https://www.shibburn.com/" rel="noopener noreferrer nofollow">burn rate down 17%</a> and a total of 210,439 SHIB transferred to unspendable wallets. There have been four burn transfers so far, with the largest ones worth 117,351 and 50,000 SHIB.</p>
<p lang="en-GB" xml:lang="en-GB">The weekly burn outcome is much better, though, as almost 400,000,000 SHIB coins have been sent to dead addresses. This signifies a rise of 743.98% in this metric.</p>
<h2 id="shib-price-plunges-under-0-00002">SHIB price plunges under $0.00002</h2>
<p lang="en-GB" xml:lang="en-GB">In the meantime, SHIB has staged a 5.15% plunge today and was pushed below the important psychological level of $0.00002. On Friday, the meme cryptocurrency saw a similar rapid decline, but on the same day it managed to recover above the $0.00002 line. As of this writing, Shiba Inu is trading at $0.00001986.</p>
<p lang="en-GB" xml:lang="en-GB">Both price pullbacks were made following the world’s leading cryptocurrency, Bitcoin, as it lost 2.77% on Friday, dropping from $67,000 to $65,216, and then again today as BTC declined from $66,740 to the $65,590 price tag, losing 1.75%. At press time, Bitcoin is changing hands at $65,453.</p>
<h2 id="will-bitcoin-and-shib-rise-soon">Will Bitcoin and SHIB rise soon?</h2>
<p lang="en-GB" xml:lang="en-GB">Taking advantage of the recent <a href="https://u.today/legendary-cup-and-handle-pattern-appears-on-bitcoin-btc" rel="noopener noreferrer nofollow">Bitcoin plummets</a> that have pushed down not only SHIB but the majority of altcoins as well, whales that hold 10 or more Bitcoins have been buying the dip. According to Santiment on-chain data company, their holdings have now <a href="https://x.com/santimentfeed/status/1802537797397733440" rel="noopener noreferrer nofollow">matched the BTC supply</a> they held exactly two years ago. Since then, Bitcoin’s market value has increased by 226%.</p>
<p lang="en-GB" xml:lang="en-GB">The report published by Santiment shows that there is a strong correlation between wallets with 10+ BTC holdings and the overall market value of Bitcoin. Shiba Inu, along with the rest of the market, tend to follow Bitcoin not only down but also up.</p>

SHIB Collapses in Key Metric Amid Price Slumping Below $0.00002

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