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Monday, May 23, 2022

The value of shiba inu (SHIB) drops and investors react

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While the total circulation of shiba inu asset (SHIB) tokens continues to decline, the burning of the tokens in question is progressing in a relatively worrying way for investors. Indeed, in the last 24 hours, a very large amount of tokens were destroyed, which heightened everyone’s concerns.

Strong burning of SHIB tokens

According to recent statistics regarding the burning of SHIB tokens, in the past 24 hours, nearly 21 million tokens have been destroyed out of a total of 21,328,508 tokens burned from 11 transactions. Furthermore, according to the same statistics, a total of 410,301,297,677,661 SHIB tokens have been fully burned from the initial offering. This corresponds to an average of 41% according to the SHIB Burn Tracker.

In another recent report by Finbold, we learn that as part of the shiba inu burning campaign (SHIB), nine companies have committed to collaborate in order to burn a well-defined proportion of their income or a well-defined amount in the official SHIB burning wallet.

A growing number of shiba inu (SHIB) users

Despite the sharp increase in the burning of the SHIB token, the cryptocurrency is currently trading lower. In fact, its value is currently $0.00002573, which is a decrease of 7.68% in the last 24 hours. If we report these statistics on the last 7 days, according to the statistics of CoinMarketCap, there is a 15.6% reduction in asset value.

Source: CoinMarketCap

Currently, SHIB has a total market value of $14.1 billion with a total of $970 million in volume traded in the past day. Paradoxically, despite the volatility of the digital asset market, the number of decentralized token users continues to increase sharply in 2022. For good reason, more and more investors are buying SHIB tokens.

By the way, between December 15, 2021 and January 13, 2022, the number of owners of SHIB tokens increased by 72,222. According to analysts, this corresponds to an average of 2,407 new addresses every day on the network of the cryptocurrency.

shiba inus (SHIB), the meme cryptocurrency continues to see its value drop. But paradoxically, it is strengthening its leading position in the world of meme currencies, since many investors are entering the market by buying its tokens, despite the decline recorded in recent days.

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