Millions of SHIBs destroyed in 24 hours, diamond holders change hands

  • In the past 24 hours, 132 million Shiba Inu coins were permanently out of circulation and destroyed.
  • 30% of Shiba Inu holders are now holding the meme coin for long-term reasons rather than speculative and short-term gains.
  • Analysts expect Shiba Inu prices to pick up by the end of the year as the outlook on the SHIB turns bullish.

Data from IntoTheBlock shows an increase in Shiba Inu accumulation By holders for the long term, crypto is known in Twitter lingo as “Diamond Hands”. shiba inu jealous And Shiba Eternity was launched in Australia, fueling the sentiment among SHIB holders.

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Shiba Inu burns fast, 132 million SHIB destroyed overnight

The burning of the Shiba Inu has been a major catalyst for the meme coin. The Shiba Inu community is looking forward to the launch of the Shibarium, The Shiba Inu’s Layer-2 Scaling Solution and the SHIB Metaverse. Based on the meme coin price movement over the past two months, the two anticipated launches and the burn of the meme coin are the key drivers for the Shiba Inu.

In the last 24 hours, 132 million Shiba Inu tokens were destroyed, These coins were permanently removed from circulation and sent to the address of the deceased wallet. A total of 410.38 trillion tokens have been burned since the start of the burn implementation in the Shiba Inu.

The Shiba Inu’s burn rate has increased by 4073 percent since the massive burn in the past 24 hours.

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410.38 trillion Shiba Inu burned

410.38 trillion Shiba Inu burned

holders turn into diamond hands

diamond hand A term in crypto lingo that describes long-term holders of an asset for investment reasons and not just speculation. These investors avoid selling cryptocurrencies despite a downturn or loss.

Based on the IntoTheBlock report, 30% of Shiba Inu investors are holding the meme coin for investment reasonsAnd with a long-term perspective. it has promoted a Bullish sentiment among holders reassures investors since holding SHIB for investment reasons That would not add to the selling pressure of traders giving up their holdings to take profits.

Analysts Predicting Shiba Inu Price Rally

FXStreet analysts rated Shiba Inu price trend and predicted an 11% rally in the Dogecoin-killer asset. Philip Lee, a technical analyst argues that the Shiba Inu could see a turnaround towards the $0.00001209 level and a minor upside. The $0.00001209 level is important as it is a historically important level and the 55-day simple moving average is staying close.

SHIB USD Price Chart

SHIB-USD Price Chart

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