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Title: 1,053,508,245 SHIB In One Week – Is This Good or Bad?
The latest data from Shibburn, a public on-chain wallet tracker, reveals that an astonishing 1,053,508,245 Shiba Inu (SHIB) coins have been moved in the past week. This staggering amount has led to a four-digit rise in the key SHIB metric.
According to Shibburn’s report, this massive burn rate has skyrocketed by 1783.10% over the past seven days. The data further highlights that the daily SHIB burn shows a negative reading today, with only 1,274,464 SHIB coins moved out of the circulating supply. This number represents a decline of 72.71% compared to the previous day.
Despite this drastic fall in daily burns, the massive weekly increase raises several questions about the significance and implications of such an enormous move. Some experts believe that this movement could be a sign of growing confidence in SHIB’s underlying value and the potential for future growth.
On the other hand, others argue that such an extraordinary event may simply be the result of a single, large transaction, rather than any indication of a new trend or increased buy-in from the community.
In light of this development, we reached out to Lucie, the pseudonymous marketing expert behind Shiba Inu’s team, for comment.
Lucie has stated that the SHIB team does not support “random s-coins.” This statement comes as a clarification on any promotion given to tokens other than SHIB, BONE, etc. The team does not promote new meme coins every week and only supports carefully vetted partners after discussing everything in depth.
The tweet further emphasizes that when support is given, it will be promoted across all official channels, including devs, website, Telegram, Discord, but not just a few X accounts.
As a result, the SHIB team’s decision to refrain from promoting random meme coins can have an impact on the market and potentially affect the price of these tokens.
Source: u.today
