$SHIB Major Fire! 410 Trillion Tokens Disappeared Just Like That, Can the Price Hold?
Recently, SHIB has become popular again, but this time not because of a price increase, but because a large number of tokens have been burned! That's right, you heard it correctly, 410 trillion SHIB have just vanished!
This all starts with the burn rate of SHIB. Simply put, an increase in the burn rate means that there are fewer SHIB in circulation. If demand remains the same or increases, the price could rise. This time, the burn rate increased by 115%, and 16.1 million SHIB were burned within a week, which is no small number!
This round of token burning was mainly organized by the SHIB community itself, as everyone wants to make SHIB more valuable. So they banded together to transfer tokens to inactive wallets, causing these tokens to disappear from circulation. Since the beginning of this year, SHIB has already burned 410 trillion tokens, which is enough to prove the community's determination to make SHIB scarcer.
However, while everyone was focusing on the burn rate, another major event occurred! A big whale transferred 40 trillion SHIB to a new wallet, a transaction worth 99 million dollars! This scared investors, as they began to speculate on how SHIB's price would change.
But later it was discovered that this whale is actually related to the digital asset management company BitGo, and it may just be an internal fund transfer. However, this still caused SHIB's price to fluctuate a bit.
Fortunately, the SHIB network has been growing recently, with an increase in the number of new addresses, indicating that interest in SHIB is on the rise, which could help stabilize the price. However, to maintain investor confidence, the growth of the SHIB network must continue.
From a technical analysis perspective, SHIB's price is currently very volatile. Although there has been a rebound in price, the market is still bearish. However, if SHIB can hold some key price levels, such as $0.00002500, it may rise again.
Recently, I plan to position myself in a potential coin that is ready to explode, doubling my investment should be quite simple, and I am also looking for some potential coins to hold until the end of the year, expecting at least a 10-fold increase is not a problem, but spots are limited! Want to keep up? Like + comment.
