Shiba Inu
Why Shiba Inu is up 1.1% in the last hour
Analysis
Shiba Inu (SHIB) ticked up about 1.1% over the past hour as traders reacted to reports of increased token burning, which can be interpreted as reducing circulating supply. U.Today reported that 39.23 million SHIB were sent to dead wallets alongside a rising burn rate, helping support near-term bullish sentiment.
Contributing Factors (1)
39.23 Million SHIB Sent to Dead Wallets as Shiba Inu Burn Rate Rises
39.23 million SHIB was sent to dead wallets where they can no longer be accessed or spent, reducing Shiba Inu's circulating supply.
Move Details
Explanation Confidence
Moderate confidence. Multiple factors may be contributing.