Friday, September 30, 2022

Trillions of Shiba Inu tokens burned, trading volume sky high, still price pit

In the month of April, a new burning portal was launched in the Shiba Inu ecosystem, in which it was said to be rewarded for burning SHIB. Since then lakhs of Shiba Inu tokens are being burnt every day in this portal. For those who do not know, let us tell you that the burning process is to reduce the circulating supply of a token, which can increase the price of that token. It has been more than 2 months since the new burning portal was launched and so far trillions of tokens have been burned through it. However, even after this the price of Shiba Inu token is going down.

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Shiba Inu burn portal As per the information contained in the website, 410,370,597,724,528 SHIB tokens have been taken out of supply through this portal since its launch till the time of writing this news. However, things are not going as planned for the token, as the Mime coin has also failed to rise with the entire crypto market going down. The price of the token has been declining for some time now.

Where on the one hand, in the last week of April the price of the token was running on an average of $0.000024 (about 0.0019 paise). At the same time, according to the Gadgets 360 crypto tracker, at the time of writing the news SHIB The token was trading around $0.000012 (around Rs.0.000914). This is a 50% drop since the launch of Burn Portal. Not only this, its market cap was $ 13.36 billion at the time of the launch of the portal, which has fallen to $ 6.28 billion (about Rs 49.5 thousand crore) today.

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On the other hand, there is a tremendous increase in the trading volume of the token. WhaleStats informed via tweet on Monday that the Shiba Inu token has become the top 10 token bought by the 2,000 largest Ethereum (ETH) whales in the past 24 hours. This token has been bought in large quantities by Ethereum whales over the past few months.

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U.Today’s accordingAt present, the top 5,000 ETH whales hold $663,117,830 worth of SHIB tokens. On June 21, the Shiba Inu rose sharply to over 45% and became the top gainer token in the crypto market.

The fall in the price of SHIB along with the fall of the market on the one hand and the massive burning of this mime coin on the other hand and the tremendous increase in trading volume is creating confusion for the investors. However, market savvy people expect the Shiba Inu to see a rise in prices in the near future.

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