đ„đ„Breakthrough: Shiba Inu SHIB tokens burn through more than $9 billion
đ„Out of the entire quantity of SHIB tokens, Shiba Inu has burnt more than $9 billion worth.
đ„April has been a losing month for SHIB holders, with approximately $45 million in losses.
đ„Bullish on-chain indicators suggest that SHIB is well-positioned for a comeback.
đ„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.
đ„The Shiba Inu price is expected to bounce back soon, according to Santiment's positive on-chain metrics for the meme currency.
đ„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.
đ„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.
đ„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.
đ„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.
đ„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.
đ„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.
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