• 16 July, 2024
Market News

Shibarium Thrives as SHIB Supply Tightens on Exchanges

Recent reports indicate that Shiba Inu, frequently referred to as the Dogecoin Killer, has experienced a significant reduction in its exchange supply. This trend, observed over the past month, points to a possible change in the market dynamics of this widely known digital currency.

Subsequently, data from cryptocurrency analyst Trader_Kamikaze revealed that the supply of Shiba Inu on exchanges has dropped by 0.51% since November 12, bringing the total to 7.85%. This reduction in available supply on trading platforms indicates a reduced inclination among SHIB holders to sell their tokens. Such a trend typically leads to lower selling pressure, potentially paving the way for future price increases.

Simultaneously, the Shibarium network, which supports the Shiba Inu token, has seen a surge in its daily transaction count, reaching 7.84 million on Monday. Since its mainnet launch four months ago, Shibarium has successfully processed approximately 93.6 million transactions and over 2.08 million blocks mined. Presently, the network boasts 1.3 million unique wallet addresses.

Adding to the momentum, Shibburn, a platform that monitors SHIB token burns, has reported a substantial burn of over 2.7 million SHIB tokens in the last 24 hours. These tokens are permanently removed from circulation, further diminishing the overall supply.

As a result, the SHIB Burn Rate has increased by over 50% during this period. Despite these promising developments, the market price of SHIB has experienced a downturn, trading at $0.000009328 at the time of this report, reflecting a 3.58% decline over the last 24 hours, according to data from CoinMarketCap.

This situation presents an intriguing scenario for investors and market watchers. The decrease in Shiba Inu’s supply on exchanges, coupled with the heightened activity on its supporting network and the significant token burns, could be setting the stage for potential gains in the future. However, the immediate impact on its market price remains subdued, highlighting the often unpredictable nature of the cryptocurrency markets.

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