The Shiba Inu coin has surpassed 4,481 other cryptocurrencies in the market, securing the top position in LunarCrush’s AltRank and generated an astounding level of social engagement, accumulating over 200 million interactions, according to LunarCrush, a social analytics platform.
According to LunarCrush tweet, SHIB’s price soured to 0.00009853 with an impressive growth of +7.68% within 24 hours after hitting the highest rank on AltRank.
According to Santiment, an on-chain analytics platform, this cryptocurrency has remarkably gained an impressive 51% in less than a month due to its trading volume surging to a six-month high while witnessing a significant drop in its exchange supply.
According to Santiment, an on-chain analytics platform, the trading volume of Shiba Inu has reached its highest level since Feb. 6, indicating a significant rise in price. Additionally, the amount of SHIB available on exchanges has decreased to 8.29%, marking the lowest level since April 2021.
In July, a staggering 3.30 trillion SHIB coins were observed to have been transferred from known crypto exchanges. This significant movement could suggest that holders opt to store their coins in cold storage, indicating a long-term holding strategy and an optimistic sentiment towards the market.
The Impact Of Token Burning On Shiba Inu Market Activity
The ongoing token burn process in SHIB may be contributing to its price rise by reducing the circulating supply of the coin and increasing its scarcity. According to Shibburn, a website that tracks SHIB’s burn rate, there have been 154 transactions in the last seven days resulting in the burning of 304,764,835 SHIB tokens.
In the past 24 hours alone, a staggering number of 37,551,405 SHIB tokens have been burned in 22 transactions. Token burning serves as a widely adopted practice within the world of cryptocurrency projects to effectively control inflation and provide rewards for token holders.
Shiba Inu has successfully implemented various methods to burn tokens, including allocating a portion of fees acquired from its decentralized exchange, ShibaSwap. Additionally, strategic partnerships with platforms such as NowPayments and Shopping.io have further facilitated token-burning efforts.
Boasting immense popularity and notoriety, Shiba Inu (SHIB) captivates millions of enthusiasts and skeptics alike with its meme-inspired branding and ambitious roadmap for the future. With recent social and market success, SHIB shows no signs of slowing down.
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