🔥🔥Breakthrough: Shiba Inu SHIB tokens burn through more than $9 billion
🔥Out of the entire quantity of SHIB tokens, Shiba Inu has burnt more than $9 billion worth.
🔥April has been a losing month for SHIB holders, with approximately $45 million in losses.
🔥Bullish on-chain indicators suggest that SHIB is well-positioned for a comeback.
🔥There was a recent milestone in the amount of tokens burnt by Shiba Inu (SHIB), the second-largest meme currency in the crypto ecosystem. From the beginning of the burn mechanism, Shiba Inu has burned more than 410.72 trillion SHIB tokens, which is worth more than $9 billion.
🔥The Shiba Inu price is expected to bounce back soon, according to Santiment's positive on-chain metrics for the meme currency.
🔥On April 16, the Shiba Inu token will be burned, removing almost $9 billion worth of SHIB from circulation. This is a major milestone in the project.
🔥Both the 7-day and 30-day periods of the Market Value to Realized Value (MVRV) for SHIB indicate that the stock is now experiencing favorable conditions.
🔥The fact that SHIB investors have lost a total of $45 million so far in April suggests that the meme currency is about to give up.
🔥From what we can tell from Shibburn data, the Shiba Inu token burn reduced the supply of SHIB by around $9 billion, which means there are less SHIB in circulation and, in theory, less demand for the meme currency.
🔥According to Santiment data, the price of SHIB rises within a week if the 7-day and 30-day moving averages of MVRV fall within the zone shown in the chart below, which is between -6 and -18%. Price increases for SHIB are anticipated to occur now that the MVRV has returned to the opportunity zone.
🔥According to the Network Realized Profit/Loss indicator (NPL), SHIB investors have regularly experienced losses totaling $45 million from April up until the current date. An asset's capitulation is signaled when nonperforming loan (NPL) levels climb in tandem with a price fall; this is usually followed by a price rise.
#SHIB #Memecoins #BullorBear
