Why Shiba Inu’s Over 400% Rise Ends With BONE Related Stories

14th place meme token, Shiba Inu [SHIB] turned around events following changes in burn rates over the past few weeks.

According to Siburn’s official website, over 410 trillion SHIB tokens have been burned since the initial supply. With this increase, the SHIB burn rate jumped 421.53% over the last 24 hours.

street shevernthe number of associated SHIB tokens was 292,017,267 during the aforementioned period.

Since this article was written, an additional 3.38 million SHIB has been transferred to dead wallets. This transaction brings the total number of moves in dead wallet SHIB to 15 at the time of writing.

Not the norm this time

However, this burn rate increase seems to have had a different impact on the SHIB price.Up to now, the increase in burning rate lead To SHIB Price Dump.

Similarly, the SHIB spiked The price when the burn rate falls. For SHIB, now is not the time for prices to follow the expected trend. grown 5.41%. This rise was also accompanied by an increase in his 24 hour volume of 17.43%.

Interestingly, SHIB did not abandon the rest of the ecosystem during its run. Most notably, the governance token of the Shibaswap ecosystem. bone shiva swap [BONE].

stronger bones in sync

At the time of writing, the BONE price has risen 85.21% and is trading at $2.11.Market capitalization also followed the same trend as his 24-hour volume sharply increased 412% to $72.3 million, according to Santiment data.

Source: Santimento

BONE focused its uniqueness on a 40% supply burn to dead wallets.According to details from coin market capitalizationthis combustion was important to ensure its long-term survival and stability.

Therefore, price increases during the SHIB burn spike may not come as a shock.

As for SHIB, the increase in burn rate also impacted several other on-chain indicators. Based on CryptoQuant data, only 1.13% of addresses were active on the SHIB network. gain In the last 24 hours, that number has reached 4,788.

Source: CryptoQuant

Another aspect that was brought up was the exchange reserve. CryptoQuant data clearly The index rose by 5.18% as it collected $2.31 billion.

Still down 7% from the last 7 days, the resurgence could mean that SHIB investors have revived their crypto accumulation.

Source: CryptoQuant Why Shiba Inu’s Over 400% Rise Ends With BONE Related Stories

Show More
Back to top button