On the biggest cryptocurrency trading platform in the world, Shiba Inu (SHIB), a rival of Dogecoin (DOGE), is the top trending coin, closely followed by one of its biggest rivals.

The most popular cryptocurrency over the past seven days is Shiba Inu, followed by Floki Inu (FLOKI), another quickly rising meme coin that was initially created by tech tycoon Elon Musk.

Bone ShibaSwap (BONE), the native token of the Shiba Inu decentralized exchange (DEX), and Shibarium, the much anticipated layer-2 project for the Shiba Inu ecosystem, are both included on the list.

According to the exchange, Shiba Inu's trade page received the fourth-most visits on Binance in the previous month.

The FLOKI ecosystem has been humming in the wake of a vote to burn 5 trillion tokens, or about half its supply, while the Shiba Inu community waits for Shibarium.

A revised annual roadmap has also been made public by the team.

Even after a decline from recent highs, FLOKI has outperformed the rest of the cryptocurrency markets by a significant margin since opening in 2023. It has increased by 520% from January 1.

SHIB is currently trading at $0.000012, up 52% since January 1st and down 6% from the previous week.

#Binance #SHIB #floki #shibarmy

Shibburn reports that over 3.26 billion Shiba Inu tokens were burned in April 2023 across 125 transactions. These figures are lower than the total SHIB burns in March 2023, which was 6.78 billion SHIB tokens burned through 540 transactions.

The SHIB burn process involves sending Shiba Inu (SHIB) tokens to an address known as a “burn address.” This address is a designated address created to hold the tokens to be burned permanently.

The Shiba Inu community carried out these burn transactions to reduce the total supply of SHIB in circulation. Notably, a token’s scarcity sees demand higher than supply leading to a boost in price. Despite the high number of token burns, SHIB’s price is still declining.

Koyo Retains Top SHIB Burner Status From March 2023

Koyo (KYO) retains its top SHIB burner status for a second consecutive month burning a whopping 2.59 billion tokens. It burnt 6.15 billion SHIB tokens in March 2023 through multiple transactions.

The largest of its burn transactions in March was a transfer of 924.15 million SHIB to the dead wallet on March 17. Also, Koyo burned another 794.85 million tokens on March 28.

Koyo continued its aggressive burn rate in April 2023, sending 1.10 billion SHIB to the dead wallet on April 9. Also, Koyo followed up with another massive burn event on April 14, burning 1.49 billion SHIB tokens. 

The current price slump could be a temporary pullback due to the recent market downtrend. One thing that could change the trajectory of the price is the Shibarium upgrade, which is yet to be announced.

Shiba Archives said a top SHIB developer claimed the Shibarium upgrade would be here before May. However, the developer did not specify the year or give further information.

Notably, some SHIB community members reacted to the reduced burn rates in April 2023. A Twitter user, Macguy, stated that the developers don’t want to listen to the SHIB community‘s calls for more burns. He believes the burns are slow and dragged on purpose, announcing that he did his part by burning 10 million SHIB tokens. 

Shiba Inu Price Analysis

SHIB is in a downtrend today, dropping below its support level of $0.0000102. Also, it is trading below its 50-day and 200-day Simple Moving Averages (SMA), a bearish sentiment for the short and long term.

SHIB’s resistance levels are $0.0000118, $0.000012, and $0.0000113 as it is currently trading at $0.00000996. The Relative Strength Index (RSI) is at 36.26 and descending into the oversold region of 30. 

SHIB will likely experience further price decline in the coming days. However, the $0.00000973 support will prove critical and can act as a price pivot for a recovery.

#Binance #SHIB #shibainu #shibarium #shibarmy

The number of Shiba Inu tokens held by large investors, or “whales,” dropped significantly on March 11, the day of the eagerly awaited public beta launch of Shibarium, also known as PuppyNet.

Finally, after much anticipation, Shiba Inu’s lead developer Shytoshi Kusama announced that the beta version of Shibarium is now available to the public. Kusama asserted that a massive, global, and decentralized community needed a decentralized Layer 2 network.

Some 251 trillion SHIB, excluding the dead address required for burning, are currently held by the biggest holders of the meme coin. More than a quarter of the first batch of offering and almost half of the total supply (not counting the burn address) are now held by just 14 people, who collectively possess the abovementioned figure.

40 Wallets Hold 122 Trillion Shiba Inu Tokens

Yet it’s not quite so easy when the same amount has also filled the purses of slightly smaller but nonetheless significant investors. Based on data by IntoTheBlock, there are currently 40 addresses holding 12.35%, or nearly 122 trillion SHIB, in this group.

Notably, these investors had 123.16 trillion SHIB in their holdings as of the end of the previous week before selling off some of their holdings and buying back 10 trillion Shiba Inu tokens on March 11.

To facilitate the generation and trading of digital assets in a safe and open environment, the Shibarium blockchain was developed. It’s secondary purpose is to lay the groundwork for creating decentralized software (dapps).

The first step of NOWNodes’ Shibarium Roadmap was also announced. On Twitter, the developer announced a pre-release form for Shibarium Mainnet node access.

Lesser Whales Scooping SHIB?

Meanwhile, several of the SHIB’s biggest backers (whales) have since abandoned the token in favor of alternative cryptocurrencies.

Data shows that SHIB whale holdings have decreased dramatically since November last year, suggesting that some of the highest holders of the token have lost faith in its growth plans.

At the time of writing, SHIB was trading at $0.00001008, losing nearly 10% of its value. The meme coin shed 0.2% in the last 24 hours, data from crypto market tracker Coingecko shows.

#SHIB #shibainu #shibarium #shibarmy #koinmilyoner