SHIB token burn climbed one wallet burned more than 14 million tokens.
Value and volume increased, but on-chain data showed that SHIB declined sharply.
The concept behind the Shiba Inu [SHIB] burn strategy was to reduce the token supply and increase its value, but the meme coin has repeatedly failed to achieve these objectives. Interestingly, Etherscan showed that a recent colossal transaction related to the SHIB combustion activity.
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One deal leads to a walk in…
According to the details of the transaction, a single wallet burned 14 million SHIB. Of course, SHIB’s daily burn rate adds up to millions of tokens. However, it was unusual for one wallet to pull in such a volume.
Following this transaction, which took place four hours before going to press, Shibburn reported that combustion activity increased by approximately 1395% in the past 24 hours. This brought the total SHIB combustion stock to 410.38 trillion.
Regarding its price, SHIB produced a 4.09% increase over the previous day. This increase helped the value to switch hands at $0.0000087. In addition, the 24-hour trading volume traded in line with the price trend.
According to Santiment, SHIB volume registered a 125% increase within that period. This led to a fair reflection of traders’ attempt to jump on the SHIB ship, regardless of a recorded profit or accumulated loss.
Meanwhile, the network growth was not something to be excited about. The reason for this was that it reached its lowest point in more than six months. At press time, Santiment data showed the network growth at 533.
At the position, this meant that SHIB was not among the top projects enjoying new address onboarding. So the traction aimed at the Shiba Inu network had a big loss.
Drought in SHIB land still
Looking at the active address data, on-chain data shows that there was a striking increase until January 8. But at the time of writing, the 24-hour active addresses had dropped to 5354.
The implication part of this drop was that there were fewer users sending or receiving SHIB than those who interacted with the SHIB network the day before.
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Due to this decline, the one-day SHIB circulation also fell to 341.2 billion. An inventory of the circulation showed that there were constant irregularities in the daily flow.
While some days were filled with walks, others chose to slim down. The decrease therefore corresponds to the active address data of a limited amount of SHIB used in the last 24 hours.
Besides the daunting state of the meme, holders still got to enjoy seeing SHIB dive into partnerships and more utility. Recently, the token’s official Twitter page announced that another major collaboration may be in the works.
Keep an eye out for an upcoming event announcement in the coming days! pic.twitter.com/VzvwUI2rOU
— Shib (@Shibtoken) January 8, 2023
This post Shiba Inu: unusual fire trade and everything paper hands should know
was published first on https://ambcrypto.com/shiba-inu-unusual-burn-transaction-and-everything-that-paper-hands-should-know/