According to the SHIB-focused Twitter account, Shiba Inu News, the dog-themed crypto is now the most-traded asset on trading an investment app Robinhood. The rise on Robinhood comes after a recent price increase that pushed SHIB into Robinhood’s top 5 gainers list at the end of October.
An official Robinhood tweet on October 28 showed that SHIB climbed 18 percent that week, only behind DOGE, ETH, and AVAX, respectively. At the time, whales also seemingly predicted the price pump and began to hodl. According to Whale Alert, a new Whale spent $37.46 million on 3.37 trillion SHIB after an anonymous wallet acquired 3.94 trillion worth $43.18 million.
Shiba Inu News also recently announced that SHIB hit a burn rate of up to 200 percent. However, this quickly dropped and is a little over 57 percet as of press time, according to the Shibburn website. The site also states that nearly 26.5 million SHIB were burned yesterday and over 14 million SHIB today as of press time.
BREAKING: Burn rate of $SHIB up 200% pic.twitter.com/z6RfJfQec8
— Shiba Inu News (@ShibalnuNews) November 7, 2022
Follow us for the latest crypto news!
SHIB burns are calculated using a total of three addresses, including the Genesis address (Black Hole) which directly reduces supply. The other two are dead wallets without obtainable keys. So far, the network has burned more than 410 trillion SHIB from the initial supply.
Token burns help keep Shiba Inu deflationary. Generally, these burn rates vary and may be very high or low. While the hope is that burning will help buoy SHIB price through scarcity, there is no guarantee that prices will always spike in response.
Shiba Inu is currently trading at $0.00001097, slightly below the pivotal $0.000012 price point set over the last few months. The token’s daily chart shows a symmetrical triangle pattern that seems ready for a further price increase. However, the Relative Strength Index (RSI) shows that traders might be undecided about hodling or dumping SHIB any time soon. Regardless, any expected breakout is likely to simply follow the market’s trend, at least in the initial stage. If the market is unfavorable, SHIB may be looking at the next support level at $0.0000092.
As Robinhood sees increased SHIB trading activity, other platforms may tell a different story. According to a recent report, several whales moved nearly 1.5 trillion SHIB, mostly from FTX. This happened before FTX limited all withdrawals to $1,000 per transaction.
Shiba Inu developer Shytoshi Kusama has provided a few more Shiba ecosystem news and updates. In a recent post, Kusama announced an official player’s guide and lore for Shiba Eternity, a card-based mobile game he noted has been downloaded over 250,000 times by players across the globe. Kusama also announced an NFT drop featuring many “unique images that breathe life into the narrative.” Prices range from .001E ($1) to 1000E.
Comments are closed.
Crypto News Flash is your number one source for the latest news and information from the world of cryptocurrencies.
About us
Contact us
Legals
Data protection policy
*= Affiliate-Link
Risk warning and disclaimer: The contents of this website are intended solely for the entertainment and information of readers and do not provide investment advice or a recommendation within the context of the Securities Trading Act. The content of this website solely reflects the subjective and personal opinion of the authors. Readers are requested to form their own opinions on the contents of this website and to seek professional and independent advice before making concrete investment decisions. The information found on this site does not contain any information or messages, but is intended solely for information and personal use. None of the information shown constitutes an offer to buy or sell futures contracts, securities, options, CFDs, other derivatives or cryptocurrencies. Any opinions provided, including e-mails, live chat, SMS or other forms of communication across social media networks do not constitute a suitable basis for an investment decision. You alone bear the risk for your investment decisions. Read more!
