Shiba

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Shiba Inu

<ul> 
 <li>Shiba Inu burn 798 million tokens to enhance its long-term value through reduced supply.</li> 
 <li>SHIB price drops 20% despite massive token burn.</li> 
 <li>On-chain activity for Shiba Inu decreases significantly, with a 50% reduction in daily transactions and a decline in new address creations.</li> 
</ul> 
<p>Shiba Inu has recently made a significant move within the cryptocurrency sector by eliminating a substantial number of tokens from circulation. Over the past week, nearly 798 million SHIB tokens were burned, indicating a strategy to enhance the coin’s long-term value through reduced supply.</p> 
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   <p lang="en" dir="ltr">HOURLY SHIB UPDATE<a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> Price: $0.00002183 (1hr -1.25% ▼ | 24hr -2.44% ▼ )<br>Market Cap: $12,922,120,240 (-1.18% ▼)<br>Total Supply: 589,274,398,718,956<br><br>TOKENS BURNT<br>Past 24Hrs: 24,260,186 (90.25% ▲)<br>Past 7 Days: 798,314,370 (292.43% ▲)</p>— Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1780566927229726735?ref_src=twsrc%5Etfw">April 17, 2024</a>
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<p><strong>Market Response to SHIB Token Burn</strong></p> 
<p>Despite the large-scale token removal, Shiba Inu’s market price did not react as might be expected. CoinMarketCap <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noreferrer noopener">reported</a> that the cryptocurrency’s value declined by 20% over the same period.</p> 
<p>Furthermore, there has been a noticeable decrease in SHIB’s on-chain activity. Data from Santiment reveals a 50% reduction in the daily transactions involving unique SHIB addresses. This slowdown extended to creating new addresses, which also saw a significant decrease, further indicating falling interest in the coin.</p> 
<p>In the derivatives market, open Interest in SHIB futures has declined 38% over the past week, pointing to reduced speculative interest in the asset. Despite these trends, the Longs/Shorts Ratio remained over 1, suggesting that traders remain optimistic about the future price of SHIB, maintaining positions that anticipate a price increase.</p> 
<p>This recent activity in Shiba Inu’s ecosystem offers valuable insights into the relationship between token burns and market reactions, providing a clear snapshot of investor sentiment and market dynamics.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also:</h4> 
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 <li><a href="https://cryptonewsland.com/crypto-expert-demand-trumps-burns-in-shiba-inus-soaring-success/">Crypto Expert: Demand Trumps Burns in Shiba Inu’s Soaring Success</a></li>
 <li><a href="https://cryptonewsland.com/shiba-inus-token-burn-sparks-over-770000-surge/">Shiba Inu’s Token Burn Sparks Over 770,000% Surge!</a></li>
 <li><a href="https://cryptonewsland.com/shiba-inus-2024-game-changing-plans-and-record-breaking-burns/">Shiba Inu’s 2024 Game-Changing Plans and Record-Breaking Burns</a></li>
 <li><a href="https://cryptonewsland.com/shiba-inus-burn-rate-skyrockets-395-incinerating-18m-tokens/">Shiba Inu’s Burn Rate Skyrockets 395%, Incinerating 18M Tokens</a></li>
 <li><a href="https://cryptonewsland.com/shiba-inu-burns-176m-tokens-in-single-transaction-impact-insights/">Shiba Inu Burns Over 100M Tokens in Single Transaction: Impact &amp; Insights</a></li>
</ul> 
<p>The post <a href="https://cryptonewsland.com/shiba-inu-burns-798-million-tokens-amid-market-downturn/">Shiba Inu Burns 798 Million Tokens Amid Market Downturn</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Shiba Inu Burns 798 Million Tokens Amid Market Downturn

Crypto News Land

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