• Tue. May 28th, 2024

The efforts made by the SHIB community to have the SHIB token included in prominent Japanese crypto exchanges have produced the expected outcome. For example, bitFlyer, among the leading cryptocurrency exchanges with a user base exceeding 2.5 million, has disclosed that it will begin facilitating SHIB transactions.

At the moment of writing, there is no additional information about the exact timing; however, BitFlyer, located in Tokyo, Japan, and established in 2014, has publicized that it will be organizing a celebration for introducing SHIB, with a reward pool of ten thousand yen designated for twenty qualifying winners.

According to the translated tweet in Japanese, the promotion will commence on March 22 and conclude once BitFlyer begins facilitating SHIB transactions. On February 28, OkCoinJapan, the Japanese arm of San Francisco’s OkCoin exchange, began supporting SHIB, as reported earlier. Following the listing of Shiba Inu, the cryptocurrency exchange received encouraging feedback.

@Cheggy19, a member of the SHIB community, has assumed a leading role in advocating for the listing of Shiba Inu on Japanese cryptocurrency exchanges. It has been two hundred and fifty-eight days since the push began, and March 22 marks this milestone.

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The Value of SHIB

As of writing, SHIB had experienced a 3.72 percent increase in value over the previous twenty-four hours, rising to 0.00001078 dollars. According to WhaleStats, there are 1,326,896 Shiba Inu holders in total.

According to data from IntoTheBlock, out of the total number of Shibu Inu holders, sixty-six percent are categorized as long-term investors, meaning they have held the cryptocurrency for over a year. Meanwhile, 30% percent of the holders have held their SHIB for the last twelve months, and the remaining three percent have held their Shibu Inu for no less than one month.

Shiba Inu (SHIB), a popular meme-inspired cryptocurrency, has recently experienced a significant rise in its burn rate, reaching almost 5,000%. However, the token’s value has remained relatively stable without any significant changes for the past two weeks.

Burn rate” refers to the percentage of tokens permanently removed from circulation, reducing the cryptocurrency’s overall supply. The recent significant rise in SHIB’s burn speed should result in a higher examination of the token because of the decreasing supply. However, the token’s market value has remained relatively unchanged, leaving many investors needing clarification.

Over the last fourteen days, Shiba Inu’s price has mostly stayed the same, indicating that significant investors and traders are still determining the cryptocurrency’s future direction. Furthermore, despite a remarkable increase in the burn rate, this has yet to give clear direction to market participants, adding to the current uncertainty.

Asset values rise when the burn rate increases because the supply decreases. This principle is based on the fundamental financial concept of demand and supply, where if the supply of a product lowers while the demand remains steady or grows, then the asset’s value should increase.

However, the relationship between asset prices and burn rate can be intricate, as several other factors may also influence market trends. It’s also crucial to consider the impact of significant investors and traders, also known as “whales,” on crypto price fluctuations. These market players can significantly impact the movement of crypto prices.

For example, despite the increased burn rate of SHIB, its price has remained relatively unchanged, which could indicate that whales are cautiously observing market conditions and waiting for a clear indication of the asset’s future direction before making any significant moves.

Megan Ford

Megan Ford

Megan Ford is an accomplished news writer with a talent for capturing the essence of a story. With a keen eye for detail and a dedication to accuracy, her articles provide readers with a captivating and well-rounded perspective on current events.

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