Shiba Inu: Coinbase Burns 200 Million SHIB Tokens

Shiba Inu burns continue to take place on a regular basis. However, their magnitude has noted a slight reduction. For instance, over 2,915,482,121 SHIB tokens were burned over the past week. The same marks a 51.48% dip. Over the past day, however, a slight recovery has been noted, for the rate has registered a 1447.70% hike. Quite a few notable burns have taken place over the past day. One among them was a 200 million burn that was executed 13 hours ago.

Source: Shibburn

Also Read: Is Pepe Coin & Co. Helping DeFi Thrive?

The public name tag associated with the from address flashed the name “Coinbase 10” on-chain. Specifically, the wallet transferred a total of 200,583,666 SHIB to a dead wallet in one significant transaction.

A host of other transactions took place over the past day. The number of burned tokens ranged from 727k to 16.3 million.

The transaction involving the second-highest number of tokens was particularly interesting. A dormant wallet that was inactive for almost two years [520 days to be precise] abruptly woke up to burn its holdings via one single transaction. At press time, the wallet contents were worth only $3.17.

Source: Etherscan.io

Also Read: Dogecoin Whale Transfers ~$400 Million Worth DOGE

Shiba Inu price

Shiba Inu’s price has been relatively stagnant, despite the burns. As explained in a recent article, Shiba Inu’s circulating supply has remained almost the same since June last year, covertly pointing out why SHIB burns have a nearly negligible impact on the price of the asset.

Over the past day, Shiba Inu merely inclined by 0.1%. On Monday, May 29, SHIB was trading at $0.000008808. As pointed out in a recent article, SHIB’s price has slight room to glide up at the moment. Its next major resistance only lies around $0.000009. That’s the average price at which 24.38k addresses scooped up a whopping 23.2 trillion SHIB tokens. So, if the buying pressure gains steam and the broader market conditions favor it, then SHIB could note a brief uptick and gradually incline to the aforementioned average buy price over the short term.

Also Read: Shiba Inu: AI Predicts SHIB Price For June 1, 2023

  • shib
  • shiba inu

Comments

Post a Comment

Popular posts from this blog

Litecoin Bounces Below The Recent High

Image
Nov 07, 2023 at 14:27 // Price Author Coin Idol Cryptocurrency analysts of Coinidol.com report that Litecoin (LTC) is slipping as it hits resistance at $75. Long-term forecast for the Litecoin price: bullish At the time of writing, the cryptocurrency value has declined to a low of $73. The price of Litecoin (LTC) is approaching its previous range between $58 and $70. The current rise will continue if Litecoin retraces and finds support above the $70 mark. The price indicator predicts that the altcoin will rise to a high of $86 or the level of the 2.0 Fibo...
Read more

BAYC goes full 'laser eyes' and allegedly blinds ApeFest attendees

Bored Ape Yacht Club (BAYC) creator Yuga Labs has advised a number of attendees of its recent ApeFest event to “seek medical attention” after they reported disturbing issues, including “burned skin,” loss of vision, and severe eye pain. It’s been speculated that these unfortunate effects could have been caused by overly powerful UV lighting used at the three-day event. ApeFest, held in Hong Kong from 3-5 November, was billed as “three days of meetups and mayhem” and was, according to the event’s website, intended to be “Less of a music festival, more of an epic, unhinged family reunion.” However, things appear to have been a little more unhinged than expected with members of the BAYC ‘family’ who attended taking to X (formerly Twitter) to report that organizers have, in essence, blinded them . Anyone else’s eyes burning from last night? Woke up at 3am with extreme pain and ended up in the ER. I saw a couple reports but just trying to figure out if there was a common thread. ...
Read more

Bitcoin Reaches Astounding Highs Anticipating a Closer ETF Approval

Image
Bitcoin has climbed to more than 17-month highs, currently trading at $35,182.27. The surge is mainly driven by growing anticipation in the U.S. around Bitcoin exchange-traded funds (ETFs) and the Fed’s decision on interest rates. Other cryptocurrencies like SOL and ETH have also been influenced by these driving forces. The largest decentralized cryptocurrency, Bitcoin, continues to show great strength.. Amid growing confidence that the U.S. Securities and Exchange Commission will approve multiple pending Bitcoin spot exchange-traded fund (ETF) applications, and anticipation of the Federal Reserve’s decision on interest rates, Bitcoin has climbed to more than 17-month highs. As per CoinMarketCap, Bitcoin is currently trading at $35,182.27, exhibiting an increase of 2.31% in one day. Over the past 30 days, the cryptocurrency has been riding on a positive track, with a surge of more than 25%. Meanwhile, Bitcoin’s yearly chart has BTC up  72% since this time las...
Read more