Millions of SHIB have been sent to dead wallets in different transactions in recent hours
According to the Shibburn website, the Shiba Inu’s burn rate has increased dramatically by almost 231%. A portion of 196,820,007 SHIB tokens was destroyed and 25 pending transactions were reported by the Shibburn Twitter account about 10 hours ago.
Aside from this, millions of SHIB have been sent to dead wallets in different transactions in recent hours.
shiba inus Community member “Gossip SHIB” thinks constant daily burns might be needed to drive Shiba Inu prices up in the long run.
Expectations also remain on incoming projects such as the SHI stablecoin, which SHIB lead developer Shytoshi Kusama stated might launch in 2022. According to recent updates shared by Unification, Shibarium beta phase might launch in Q3, 2022.
Shiba Inu Price Could Be Set For A Short-Term Move
At press time, SHIB was trading down 3.53% to $0.000011.
The relative strength index, a momentum indicator, might suggest that the Shiba Inu price is poised for a short-term move. The indicator is currently above the neutral mark of 50, marking “55,” which suggests an edge to the buyers in the meantime. Shiba Inu is also trading above the prior short-term barrier at $0.000010. If buyers emerge at current prices, the next major resistance remains at $0.000021. In the case of declines, SHIB might retest the support at $0.000010.
According WhalesStats data, Shiba Inu ranks among the seven most-bought assets by the top 2,000 ETH whales. On July 8, a crypto whale bought a staggering 1 trillion SHIB in four massive transactions of around 250 billion SHIB.
Shiba Inu also ranked among the top 10 in trading volume among the top 100 and 5,000 ETH whales.
