Shiba Inu (Shib) has been slowing down the broader cryptocurrency market since the beginning of the year. However, recent developments on token replacement spares may mark the beginning of a move upside down.
Despite being once one of the most popular meme coins, Dogecoin (Doge) has been significantly overshadowed in recent years. In response, the project shifted its focus to utilities. And while there are a lot of positive developments, this did not translate into upward movement of the price chart.
At the time of press, Shiv had changed his hands at a price of $0.00001,251, but he had a 1.48% pullback on the weekly chart, resulting in a year-to-date loss of up to 42.25%.
So what about the replacement preliminary development we pointed out as a positive bullish catalyst? For each data retrieved by Finbold from the Market Intelligence platform Encryptionthe amount of shiv tokens held on cryptocurrency exchanges has reached an all-time low of 85.3 trillion. For reference, it would only be 14.4% of the cryptocurrency distribution supply.
Why is this a good thing for Shivburu? It not only reduces sales pressure, but it clearly shows that a large number of tokens are being transferred to a private wallet. While strengthening supply tends to increase volatility, the steady growth experienced by the asset user base can potentially push prices up.
Beyond exchange sanctuaries, various bullish factors are at work in shiv.
Despite the challenging environment and recent set-off, Shiv has maintained a large, dedicated community and has recently reached the 1.5 million mark. Designed to encourage the introduction of bones, a governance token, and community engagement, Treat is designed to promote further advances in broader ecosystem utilities, and Shibarium, the layer-2 scaling solution for the project, has reached a milestone of 10 million blocks.
As of press time on March 21, the burn rate was halved two days after the peak of 13,591,737 on March 17, but Shiv’s burn rate appears to be on the upside. Shiba Burn Tracker. In the last 24 hours, users have burned 14,052,230 tokens. This shows a healthy level of both long-term bullishness and community engagement regarding Shiba Inu’s supply dynamics.
As an aside, readers should note that, as the chart above demonstrates, it has been increasing in general since Finbold first broached topics in late January.
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