2024-04-18 05:02:57
- SHIB’s weekly burning supply increased almost 4 times.
- SHIB’s on-chain activity plummeted, with less influx of new users.
More than 24 million Shiba Inu [SHIB] The coins were expelled from circulation in the last 24 hours, as the second largest coin meme He continued to see high burn activity.
SHIB burns, but the price goes in the opposite direction
The burned supply exceeded the previous day’s figures by more than 90%, according to a recent X (formerly Twitter) update. A whopping 798 million tokens vanished during the week, almost four times more than the previous week.
Token burning has caught the attention of cryptocurrency enthusiasts as most projects seek to get the coins out of circulation to achieve long-term value appreciation.
The removal creates a supply shock that, when accompanied by strong demand, could boost prices.
However, SHIB was clearly not the beneficiary of late, as the currency plunged 20% over the week, according to CoinMarketCap. This indicated that demand for the asset was not very strong at the time of writing.
SHIB sees sharp drop in network activity
These deductions were supported by SHIB’s on-chain activity.
According to AMBCrypto’s examination of Santiment data, the daily count of unique addresses involved in SHIB transactions plummeted more than 50% over the week.
Furthermore, the pace at which new addresses were created slowed considerably. Approximately 862 new addresses were created on April 17, less than half the count seen a week ago.
The network’s low growth rate meant that the coin was not gaining enough traction.
SHIB in derivatives markets
The price drop also affected speculative interest in the currency.
File Shiba Inu [SHIB] Price prediction 2024-25
Open interest (OI), or money locked in outstanding SHIB futures contracts, fell 38% over the week and more than 55% since the month began, AMBCrypto noted using data from Coinglass.
That said, most derivatives traders were in a bullish position for SHIB, as the Long/short ratio remained above 1 at the time of writing.
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