TL;DR
- Shiba Inu’s team and community incinerated over a billion tokens in 24 hours. 🔥
- Despite this fiery effort, SHIB’s price is still sulking in the red zone. 📉
The Great Shiba Inferno
The second-largest meme coin, Shiba Inu, decided to play with fire, and boy, did it burn! The burn rate shot up by a jaw-dropping 7,200% in the last 24 hours, sending over 1.1 billion tokens to the great crypto void. That’s right, they’re gone, poof, vanished into the ether. 🚀🔥
Now, before you get too excited, the dollar value of this fiery purge is about as significant as a penny in a billionaire’s pocket. But hey, reducing the circulating supply could make SHIB as rare as a unicorn at a donkey convention. 🦄🐴
Another glimmer of hope is Shiba Inu’s exchange netflow. According to CryptoQuant, outflows have been outpacing inflows, meaning fewer tokens are sitting on exchanges, ready to be dumped. This could mean less selling pressure, or it could just mean people are moving their tokens to a different digital mattress. 🛏️💻
Despite all this, SHIB’s price is still down 8% for the week, currently trading at a whopping $0.00001876. That’s right, you could buy a whole lot of nothing with that. 🤑
What About the Big Doge?
Meanwhile, Shiba Inu’s big brother, Dogecoin, is also having a rough week, down about 9% to $0.33. But don’t count DOGE out just yet. Crypto X is buzzing with analysts predicting an “epic” rally, with some even suggesting that $1 is just around the corner. 🐕💨
One particularly optimistic analyst, Lucky, told his two million followers that DOGE is “gaining serious momentum.” Another, Ali Martinez, wondered why anyone would bet against DOGE, given its potential to explode by 900% in just 48 hours. That’s like going from a tricycle to a Ferrari in the blink of an eye. 🚗💨
And let’s not forget the potential boost from Bitwise’s proposed spot DOGE ETF. If the SEC gives it the green light, it could open the floodgates for even more DOGE enthusiasts. 🚀📈
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2025-01-31 16:54