SHIB Price Struggling Despite Rising Number of Addresses
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Shiba Inu Token (SHIB) has achieved a noteworthy feat after surpassing 3.7 million addresses.
Based on the information provided glass nodethe total number of unique addresses that have ever appeared in SHIB transactions has risen to approximately 3.74 million.
Data from CoinMarketCap paints a simpler picture, reveal Of the 3.74 million addresses, approximately 1.23 million contain tokens worth less than $1,000.
By comparison, 98,200 addresses hold tokens priced between $1,000 and $100,000. According to the data, fewer than 2,000 addresses hold more than $100,000 in tokens.
SHIB destruction rate soars over 2,000%
In another development, the Meme coin burn rate jumped by 2,068.92% in the last day, resulting in more than 53.5 million coins disappearing from circulation.
The surge in flaring activity is part of a broader initiative by the Shiba Inu team to introduce automated SHIB flaring, which was first announced in a blog post in early December 2023.
In a now-deleted post on X captured by the Shiba Inu-themed account @ShibBPP, Shibarium team member RagnarShib.eth hinted that the meme coin project was preparing to burn up to 9.25 trillion Shiba Inu tokens this month.
This massive burn is expected to come from the $1 million worth of BONE reported by the team at the end of 2023, equivalent to 101,522,842,639 SHIB tokens.
More than 36 billion of these tokens have been transferred to unrecoverable blockchain addresses in four transactions, each carrying more than 8.5 billion SHIB.
Given the recent surge in burn rates and the transition to automatic burning, Shiba Inu’s efforts to enhance the token’s utility and address inflation issues are evident.
SHIB price fails to gain momentum
However, despite the increasing number of addresses and significant burn rate, SHIB’s price still struggles to gain traction.
The token is currently valued at $0.000009499, down 1.81% in the past 24 hours, and down 9.7% for the week. SHIB prices haven’t gotten better over the past month or two weeks either, falling 5.3% and 12.7% respectively.
Data comes from santiment It was also revealed that the exchange supply of SHIB has declined steadily over the past 30 days, indicating the increasing propensity of investors to collect and retain SHIB.
