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HomeCryptoShiba Inu today's price: 52M Tokens are burnt within 48 hours

Shiba Inu today’s price: 52M Tokens are burnt within 48 hours

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Shiba Inu: A massive 52 million SHIB tokens were burned, sending ripples through the crypto community.

Table of Contents

Shiba Inu’s market structure

52 million SHIB were burned in the last 48 hours, according to Shibburn data. On February 18, Shiba Inu’s [SHIB] 24-hour burn rate sharply increased, but the trend swiftly reverted.

The daily burn rate was negative as of the time of writing.

Even though the burn quantity was a very small percentage of the stock that was in circulation, it nevertheless reflected the community spirit of Shiba Inus. Other measures also showed signs of bullishness, according to Dollar Street analysis.

Analyzing the trends of supply scarcity and accumulation

A given token’s burn rate is influenced by a number of things, such as transactions, donations, and burning events.

The goal is to lessen inflationary pressure while raising the token’s value by making it scarcer.

Source: Santiment

The holders were at a profit once again, although it was nowhere close to the December highs.

Early in February, there was a downward trend in the mean coin age; but, in the last few days, this metric has started to rise once more.

A continuation of this upward trend would support positive views and be a clear indication that holders are accumulating.

Furthermore, there were significant increases in the dormant circulation on February 12 and 15, indicating a significant movement of tokens. This can come before a selling frenzy.

Source: Santiment

An examination of the supply distribution heightened concerns about carrying on with sales. Since December, the 100k-1B holdings have trended downward, while the 0-100k SHIB holders have trended higher. One could argue that the lack of accumulation during the previous two months is cause for some concern.

Price Action

Source: SHIB/USDT on TradingView

Shiba Inu’s one-day chart gave rise to some optimistic optimism. The buyers were in charge, as shown by the market structure and the RSI. Over the previous two weeks, the OBV also gradually increased at the same period.

 SHIB’s market cap in BTC’s terms

1. Direct conversion:

  • As of February 19, 2024, 1 SHIB is equal to approximately 0.00000000019 BTC.
  • Based on SHIB’s current market cap of around $5.8 billion and BTC’s market cap of approximately $1.02 trillion, SHIB’s market cap in BTC terms would be roughly 0.0057 BTC.

2. Hypothetical price with BTC’s market cap:

  • This compares to what SHIB’s price would be if it had the same market cap as BTC.
  • With BTC’s market cap and SHIB’s current circulating supply, the hypothetical price per SHIB would be around $0.000097, a significant increase from its current price.

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