Shiba Inu Records Massive Token Burning, but Price Remains Subdued
Recent data from Shiba Inu (SHIB) tracking platform Shibburn shows that the burn rate of the second-largest meme coin in the market continues to record notable spikes within short periods.
As of 1 pm UTC on November 20, Shibburn data shows that 6,204,500 SHIB tokens had been burned within 24 hours, a whopping 226.2% increase over the same period. This brought some measure of relief for investors who have been pummeled by persistent crises in the market since October.
Token burning has become one of the critical growth factors for Shiba Inu, especially for the value of the native token. Large token burns typically help SHIB scale a few percentage points in value, given the economic implications of supply reduction.
However, recent market conditions have made it difficult for SHIB to exhibit any bullishness despite notable token burns in recent times.
Shiba Inu Welcomes 5,000 New Holders in Two Days
In other news, data from WhaleStats, a blockchain analytics provider, shows that the number of SHIB holders has increased by a few thousand within the 48 hours ending on November 17.
The report showed that the total number of SHIB holders sat at 1.276,281, at the time of the report, after 5,000 new holders came aboard the network. Data from the blockchain analytics platform also shows that the top 100 largest wallets on the Ethereum blockchain hold about 2 billion Shiba Inu tokens.
In the interim, SHIB’s adoption as a payment tool continues to grow.
SHIB Gaining Adoption as a Payment Tool
Lithuania-based cryptocurrency payment provider, Coingate, recently celebrated its first anniversary in partnership with Shiba Inu. In an announcement on Twitter, where Coingate praised the SHIB community (the "SHIB Army") for its consistent support, the crypto payment processor reported that SHIB payments ranked as the twelfth most popular payment option on its platform.
The company noted that it was surprised by the adoption rate of SHIB on its platform, considering the option is only a year old. According to Coingate, the major reason for the notable adoption of SHIB payments on the platform was that it allowed users to purchase unlimited gift cards using crypto. More importantly, however, was that it allowed these users to redeem gift cards with ease.
Shiba Inu in a Subdued Price Pattern
Despite the many positive developments occurring around cryptocurrency, Shiba Inu remains subdued. Since the FTX-induced market crisis earlier this month, SHIB has fallen into a sideways pattern, although it has aggressively propped itself above the $0.0000090 support.
Is the $0.0000090 line the new bottom for SHIB, or can the price drop even further? This is a question that only time can answer.
SHIB Statistics Data
SHIB Current Price: $0.0000090
SHIB Market Cap: $4.94B
SHIB Circulating Supply: 549T
SHIB Total Supply: 589T
SHIB Market Ranking: #13
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This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.