January 16, 2024 at 2:17 am | 1 minute read
Options 101: A Beginner’s Guide
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The self-proclaimed “Dogecoin”. (Crypto: DOGE) Killer Shiba Inu (CRYPTO:SHIB), has seen an increase in token burning activity with an increase of over 1,600% over a 24-hour window.
What happened: Shibburn, a Shiba Inu burn rate tracker, revealed that 88 million SHIB tokens have been removed from actively circulating supply.
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It is worth noting that the increase in burn rate can be attributed to three anonymous wallets that actually transferred 83 million SHIB tokens to a “dead wallet,” making them unredeemable. Additional small burns comprise the rest of the activity.
This spike in token burning coincides with heavy buying by Ethereum whales, especially after its approval Bitcoin (Crypto: BTC) iShares ETF. A prominent investor has acquired 237.869 billion SHIB tokens, along with a large number of currencies FTX Tokens (CRYPTO:FTT) and Ethereum (Crypto: ETH), via various transactions.
See more: Dogecoin HODLER Investors Outperform Shiba Inu with 57% Gain, IntoTheBlock Data Reveals
why does it matter: Etherscan data reveals that this investor, along with four other anonymous addresses, raised a total of 5.807 trillion SHIB over the past day, which is valued at approximately $57.14 million.
Meanwhile, the Shiba Inu network, Shibarium, has seen its number of daily transactions drop from an average of 7 million in December 2023 to less than 2 million transactions this month, with a decline from 7.84 million transactions on December 28, 2023, to just 1.16 million on 13 January 2024.
Image via Shutterstock
read the following: Here’s How Much Should You Invest in a Shiba Inu Today for a $1 Million Payday If SHIB Hits a Dime?
Options 101: A Beginner’s Guide
Want to become an options master? In his free report, options expert Nic Chahine will give you access to his four beginner-proof tips, the secret to making 411% gains with options, and his time-tested “plan” for success. Get your free copy of Options 101: A Beginner’s Guide ASAP.
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