TL;DR
Shiba Inu’s team and community removed over one billion tokens from the circulating supply in the last 24 hours, resulting in a 7,200% increase in the burn rate.
- The removal of tokens is expected to make SHIB more scarce, potentially increasing its value in the future.
- The exchange netflow of SHIB suggests a potential shift from centralized exchanges to private wallets, reducing immediate selling pressure.
The Burning Goes Through the Roof
The Shiba Inu community has taken drastic measures to reduce the circulating supply of SHIB, removing over 1.1 billion tokens from circulation in the last 24 hours.
This has resulted in a significant reduction of the token’s supply, which could potentially make it more scarce and valuable in the future. While the immediate impact on the token’s price is unclear, the long-term effects could be positive.
An additional bullish factor is the exchange netflow of SHIB, which suggests that there is a potential shift from centralized exchanges to private wallets. This could reduce the immediate selling pressure on the token, leading to a stabilization or even a rise in its price.
SHIB Price
Despite the positive developments, the price of SHIB has underperformed on a weekly scale, falling by approximately 8%.
How’s the Big Rival Doing?
The undisputed leader in the meme coin sector, Dogecoin (DOGE), has performed similarly to SHIB in the past week, falling by approximately 9% to $0.33.
However, many analysts believe that DOGE is poised for a massive rally. One popular influencer, Lucky, has claimed that DOGE is gaining serious momentum and predicted that it will reach $1 in the future.
Additionally, the approval of Bitwise’s intention to launch a spot DOGE ETF in America could provide a significant boost to the token’s price, giving more people access to DOGE and increasing its adoption.
Conclusion
In conclusion, the recent events surrounding SHIB and DOGE have significant implications for the meme coin sector. The removal of tokens from SHIB’s circulation and the shift in exchange netflow could have positive effects on the token’s price in the long term.
FAQs
Q: What has happened to the circulating supply of SHIB?
A: Over one billion tokens have been removed from the circulating supply in the last 24 hours.
Q: Why did the community take this drastic measure?
A: The removal of tokens is expected to make SHIB more scarce, potentially increasing its value in the future.
Q: How has the price of SHIB performed in recent weeks?
A: The price of SHIB has underperformed on a weekly scale, falling by approximately 8%.
Q: What is the exchange netflow of SHIB, and what does it suggest?
A: The exchange netflow suggests a potential shift from centralized exchanges to private wallets, which could reduce immediate selling pressure and potentially stabilize or increase the price of SHIB.
Q: What is happening with DOGE, and is it poised for a rally?
A: Many analysts believe that DOGE is poised for a massive rally, with some predicting that it will reach $1 in the future. The approval of Bitwise’s intention to launch a spot DOGE ETF in America could also provide a significant boost to the token’s price.
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