HomeNewsBurning up the Charts: Shiba Inu (SHIB) Torches 708 Million Tokens in...

Burning up the Charts: Shiba Inu (SHIB) Torches 708 Million Tokens in a Week, MARSWAP and Koyo Token Blaze the Trail

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  • Over 708.76 million Shiba Inu (SHIB) tokens have been burned in the past week, marking a 1747% increase from the previous week’s figure.
  • MARSWAP, Koyo Token, and an unidentified wallet emerged as the leading SHIB burners of the week.

In the dynamic and ever-evolving landscape of cryptocurrencies, the Shiba Inu (SHIB) community has made significant strides by incinerating over 708.76 million SHIB in the past seven days. Data from Shibburn.com provides insight into this activity, highlighting that these tokens were eliminated from circulation across sixty-nine separate transactions, a figure that denotes a whopping 1747% increase compared to the previous week.

Several key players have emerged on the SHIB-burning stage this week. The newly formed MARSWAP (MSWAP) token took the lead, permanently eradicating 302.62 million SHIB across forty transactions on Sunday, June 25th. Following suit, Koyo Token (KOY) secured second place by transferring 252.87 million SHIB to the Inferno address in a single transaction on Wednesday, June 21st. Adding to the conflagration was an enigmatic wallet that set ablaze 84.40 million SHIB in one significant transaction on the same day.

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Moreover, the Shiba Inu community succeeded in eliminating 328.43 million SHIB from circulation through forty-two distinct transactions in the last 24 hours. Despite Shibburn.com’s bot app currently being suspended on Twitter, enthusiasts can keep abreast with the latest SHIB burn updates via the official website.

Meanwhile, the bankrupt crypto lender, Voyager, related wallet has initiated a massive transfer of 287 billion SHIB to an unknown wallet across four separate transactions. The reasoning behind this transfer remains shrouded in speculation, with many suspecting a link to the lender’s plan to resume customer withdrawals.

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The In/Out Of Money Around Price (IOMAP) indicator, a tool providing insights into a cryptocurrency’s distribution across various price levels, signals a significant resistance level for SHIB at $0.000008. This level is home to approximately 26 trillion SHIB tokens. By analyzing the average cost at which tokens were purchased for any address with a balance, the IOMAP determines whether an address is “In the Money” (current price higher than the average cost) or “Out of the Money” (current price lower than the average cost).

At the current SHIB price level of around $0.0000078, a significant volume of trading needs to be surmounted to reach the $0.000008 price level. If achieved, it could potentially infuse market positivity, further driving the price. However, it’s crucial to bear in mind the market’s volatility and sentiment-driven nature, where dynamics can change swiftly.

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Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
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