Shiba Inu burns 798M tokens – Is this next for SHIB’s price now?

update. A whopping 798 million tokens went up in smoke over the week, a nearly fourfold jump from the previous week.

Token burning has caught the eye of crypto enthusiasts, as most projects look to remove coins out of circulation for long-term value appreciation.CoinMarketCapThese deductions were supported by SHIB’s on-chain activity. According to AMBCrypto’s examination of Santiment’s data, the daily count of unique addresses involved in SHIB transactions plunged more than 50% over the week.

Additionally, the rate at which new addresses were getting created slowed down considerably. Just about 862 new addresses were created on the 17th of April, less than half of the count seen a week ago. The Open Interest , or the money locked in outstanding SHIB futures contracts fell 38% over the week, and more than 55% since the month began, AMBCrypto noticed using Coinglass’ data.Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance.

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