SHIBA INU UPDATE
Hey #ShibaInu fam! I've got a summary of the latest developments in the Shiba Inu ecosystem.
First off, great to see some positive metrics popping up:
Burn rate has skyrocketed by 450% in the past 24 hours, with almost 50 million tokens sent to a null address!Over 41% of SHIB's total supply has been destroyed, which could lead to scarcity and push the price up.Shiba Inu whales have been active, with aggregated daily volume nearing $900 million - a 1,800% increase from July 18!
However, we can't ignore the WazirX security breach that resulted in the loss of $230 million worth of crypto assets, including SHIB. This has cast a shadow of uncertainty over Shiba Inu holders.
Some Shibarium metrics are looking up, with active accounts, new transactions, and verified contract growth heading north.
But let's not get too excited just yet. The recent #wazirX breach has led to a surge in people selling their SHIB tokens, causing the price to decline by nearly 10%.
The daily chart shows three significant support lines: $0.000014, $0.000012, and $0.0000092. If the price breaches these levels, we could see further downward movement.
That being said, market makers like Wintermute have been buying SHIB from DEXs and selling it on CEXs to mitigate a further price drop.
Long-term holders are still looking good, with Shiba Inu's valuation up 125% on a yearly basis. And did you know that 52% of SHIB holders are currently sitting on paper profits?
So, will we see a price rally soon? Only time will tell. Stay tuned for more updates on the #Shibarium front!
