24/7 Cryptocurrency News

Shiba Inu Holders Are Trying To Support Prices Through A Crash, Here’s How

Shiba Inu is trading at an average price of $0.00002, at the press time. The SHIB token has seen a drop of over 10% in the last 7 days.
Published by
Shiba Inu Holders Are Trying To Support Prices Through A Crash, Here’s How

Shiba Inu (SHIB) is trading under tremendous price pressure since the last week. Despite many announcements for the development of the Shiba Inu ecosystem, SHIB’s price has not shown any such positive movement.

This has inspired efforts to support prices, particularly through the SHIB burning portal. The token’s burn rate more than doubled in the past 24 hours.

Cryptocurrency markets have witnessed a tumble over the past few weeks. The global crypto market capitalization has shrunk to stand at $1.65 trillion.

Advertisement

SHIB token Burn rate doubles in 24 hrs

Shiba Inu is trading at an average price of $0.00002, at the press time. The SHIB token has seen a downfall of over 10% in the last 7 days. SHIB’s total market capitalization has also come down to $10 Billion. Meanwhile, Shiba Army seems like supporting the SHIB token amid the tough times.

According to the data represented by Shibburn, the rate of Shiba Inu tokens sent to a dead wallet has surged by over 133% since the last morning. Over 411 million SHIB tokens have been burnt with an effort of the community in the past 24 hours.

The recent increase in the burn rate is directly led by the launch of the SHIB’s official Burn Portal. The Shib Army made an amazing record by burning over 8 billion Shiba Inu tokens in the first 24 hours from the launch of the portal. However, almost 26 Billion SHIB tokens have been sent to a dead wallet since its inception.

Meanwhile, the SHIB has made an announcement regarding the reward cycle related to burn. The rewards will be accessible on May 17, 2022, and will continue to occur every two weeks.

Advertisement

ETH Whales SHIB holding shrinks

The Biggest of the Ethereum (ETH) whales’ SHIB token holding has also shrunk in this due time. Now, the Top 100 ETH wallets hold $937.6 million worth of Shiba Inu tokens. At one time, these wallets used to hold around $1.5 billion with the SHIB tokens. Meanwhile, some whales are taking the advantage of this price dip. Almost $2.5 million worth of SHIB tokens were bought by the ETH whales in the last 24 hours.

Share
Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes

Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…

September 6, 2025
  • 24/7 Cryptocurrency News

SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes

The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…

September 6, 2025
  • 24/7 Cryptocurrency News

Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze

Justin Sun responded to World Liberty Financial freezing his wallet by promising to purchase $20…

September 6, 2025
  • 24/7 Cryptocurrency News

Expert Blames ‘Secret Committee’ for Rejecting MSTR Stock Inclusion to S&P 500

Michael Saylor's Strategy (NASDAQ: MSTR) missed the inclusion in the S&P 500 index on Friday,…

September 6, 2025
  • 24/7 Cryptocurrency News

MARA Bitcoin Treasury Nears $6 Billion, Trails Only Strategy in Public Rankings

MARA announced that it now holds $5.9 billion worth of Bitcoin. This cements its position…

September 6, 2025
  • 24/7 Cryptocurrency News

Senate Banking Committee Releases Updated Draft Crypto Market Structure Bill

The U.S. Senate Banking Committee has released an updated version of the draft Crypto Market…

September 6, 2025