- Shiba Inu burn rate has plummeted 70.7% overnight, over half of the meme coin’s supply is under circulation.
- Shiba Inu coin price hit its lowest level in eight months, seeing a rise in selling pressure across exchanges.
- On-chain activity in SHIB coin has dropped 94% since November 2021, alongside shrinking social dominance.
Shiba Inu coin faces a looming threat from the sale of $1 trillion SHIB held by the ShibArmy. The meme coin’s burn rate witnessed a massive decline, down 75% overnight.
Also read: Three reasons why investors remain bullish on Shiba Inu price
Shiba Inu holders could sell 1 trillion tokens
Shiba Inu burn rate took a hit, dropping 75% overnight. After a massive burn in the beginning of the week, Shiba Inu burn has slowed down. Based on data from Shibburn portal, 34.72 million Shiba Inu tokens were burnt in the last 24 hours. Nearly 41% of Shiba Inu’s circulating supply has been burned. 55.6% of Shiba Inu tokens remain in circulation across exchanges.
Shiba Inu supply in circulation
Proponents believe Shiba Inu’s burn is a key driver of bullish sentiment in the ShibArmy. The so called Dogecoin-killer’s price has plummeted 88% from its all-time high, and continues to decline. Shiba Inu holders have dumped the meme coin and taken profits consistently.
While large wallet investors, 100 largest whales on the Ethereum network have consistently accumulated Shiba Inu through the dip, the meme coin has witnessed a rise in profit taking during its recovery and price rally.
Shiba Inu price is currently at its lowest level in eight months, and there has been massive accumulation by investors. Whales on the Ethereum network and ShibArmy members have scooped up Shiba Inu through the recent slump, therefore any appreciation in price could offer an opportunity for profit-booking.
Shiba Inu exchange reserves have plummeted
Based on data from CryptoQuant, a crypto intelligence tracker, investors have amassed 1.02 trillion Shiba Inu coins, the equivalent of $10.6 million. These tokens have been pulled out of the Dogecoin-killer’s circulating supply.
Once SHIB witnesses a trend reversal, there is a possibility of over $1 trillion Shiba Inu coins hitting exchanges and increasing the selling pressure, resulting in a price decline.
Shiba Inu exchange reserves
Indicators point towards a depreciation in Shiba Inu price in the short term, as the uptrend has lost its strength and bears have gained control of the meme coin. On May 31, Shiba Inu noted the highest single-day loss in a year. 3.71 trillion Shiba Inu coins hit exchanges and changed hands, ahead of the price decline. Proponents therefore believe it is likely that ShibArmy will dump 1 trillion SHIB across exchanges within the following weeks and months.
Bullish catalyst for Shiba Inu price
Developers at Shiba Inu recently announced that LEASH rewards for ShibArmy members would be available starting July 2. While not all digital plots of land available for sale have been sold, the team has come up with a revised schedule for payout of rewards, so ShibArmy members don’t face a long wait.
Ryoshi’s disappearance caused a stir in the community. However Shytoshi Kusama, the project manager, has seemingly taken the reins and work with developers to deliver future updates in Shiba Inu.
Shiba Inu’s social dominance increased
Social dominance is an indicator of the meme coin’s popularity across platforms like Twitter, Reddit, Discord, and such. Based on data from analytics provider LunarCrush, Shiba Inu witnessed a rise in mentions across social media and dominance, 45% and 35% higher respectively.
The meme coin continues to remain a highly popular, socially dominant cryptocurrency project, as demonstrated by social performance metrics. This is an indicator of a rising bullish sentiment among Shiba Inu holders and crypto Twitter.
Shiba Inu social metrics
Shiba Inu price could suffer 20% decline
FXStreet analysts have evaluated the Shiba Inu price chart and noted that SHIB is currently in a descending trend. The descending triangle is considered indicative of a bullish breakout and Shiba Inu price is approaching the base. Analysts believe there could be a 20% drop in Shiba Inu price, with a target of $0.0000082.
The support at $0.0000095 plays a crucial role in Shiba Inu’s price trend. However, analysts believe SHIB could break this support level and decline 20%. For more information, watch this video:
Cryptos feed
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
