Unique Address Growth in SHIB Network
The Shiba Inu token (SHIB) has achieved a significant milestone, surpassing 3.7 million unique addresses. Data from Glassnode highlights the total number of unique addresses engaged in SHIB transactions, currently standing at approximately 3.74 million. CoinMarketCap’s analysis further breaks down these figures, showing that around 1.23 million addresses hold tokens worth less than $1,000, while 98,200 addresses contain tokens valued between $1,000 and $100,000. Notably, less than 2,000 addresses hold tokens exceeding the $100,000 mark.
SHIB’s Astounding Burn Rate Increase
In a remarkable development, SHIB’s burn rate has escalated by over 2,000%, with more than 53.5 million tokens being removed from circulation recently. This surge is part of the Shiba Inu team’s initiative to implement automated SHIB burns, a strategy initially announced in December 2023. A Shiba Inu-themed account @ShibBPP captured a now-deleted post from Shibarium team member RagnarShib.eth, hinting at the project’s readiness to burn a staggering 9.25 trillion SHIB tokens. This massive burn, expected to utilize $1 million worth of BONE, translates to 101,522,842,639 SHIB tokens, with over 36 billion already moved to non-recoverable addresses.
Price Stagnation Despite Positive Developments
Despite these positive strides in address growth and token burns, SHIB’s price has struggled to gain momentum. The token’s current value sits at $0.000009499, marking a 1.81% decrease over the past 24 hours and a 9.7% decline over the week. Monthly and fortnightly data also reflect a downtrend, with 5.3% and 12.7% decreases, respectively. Santiment data points to a steady decline in SHIB’s exchange supply over the past 30 days, suggesting a growing tendency among investors to hoard the token.
In summary, while Shiba Inu’s efforts towards increasing utility and combating inflation are evident, the token’s market performance continues to challenge expectations. As the crypto community watches closely, the future of SHIB remains an intriguing aspect of the ever-evolving cryptocurrency landscape.
Conclusion
Shiba Inu token presents a complex scenario in the cryptocurrency market. Despite its growing user base and aggressive strategies like token burning to boost scarcity and value, SHIB’s price remains under pressure. This situation underscores the unpredictable nature of meme coins and the broader crypto market, highlighting the need for investors to stay informed and cautious in their investment decisions. As the crypto world continues to evolve, the future of SHIB will be a key point of interest for investors and market analysts alike.
