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- Only one transaction involving one million SHIB has been made to a dead wallet.
- On April 27, 2023, it was reported that no Shiba Inu coins had been incinerated.
The increasing uncertainty within the global financial landscape has led to intensified selling pressure on Shiba Inu (SHIB), the second-largest meme cryptocurrency by market capitalization. Over a span of just 60 days, the value of Shiba Inu has declined by 17 percent. This decrease has occurred despite the SHIB team announcing encouraging updates regarding SHIB metaverse projects.
Data indicates that the price of Shiba Inu has remained relatively stable over the past month. Since March 3, 2023, the price of SHIB has not surpassed $0.00001183. The SHIBArmy is disheartened by the ongoing price stabilization, which has directly contributed to the reduced burn rate.
Declining Momentum
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According to Shibburn, the burn rate for Shiba Inu has dropped by 61% in the last 24 hours. There has been only one transaction of one million SHIB sent to a dead wallet. On April 29, 2023, the monitor recorded only 2.56 million SHIB being burned. On April 27, 2023, it was reported that no Shiba Inu coins had been incinerated.
Source: Shibburn
The optimistic outlook of Shiba Inu holders regarding the forthcoming metaverse initiative is not mirrored in the coin’s declining burn rate. At the time of this report, the price of Shiba Inu was approximately $0.00001028 according to CMC.
Conversely, Ethereum Whales remain unaffected by the price drop and continue to hold their Shiba Inu assets. Statistics reveal that the top 100 ETH whale wallets collectively possess nearly $601 million in SHIB.
In terms of USD, the top 100 “whales” on Ethereum maintain the largest stake in this cryptocurrency, with nearly 12% of the total value of these wallets comprised of SHIB.
