• Shiba Inu (SHIB) burn rate has decreased by 63% in the past week.
• The community has burnt up to 856 million SHIB tokens, valued at $9,000.
• Despite the buzz surrounding Shibarium, token burns have been on a downward slope for 4 weeks.
Shiba Inu Burn Rate Falls 63%
The shiba inu (SHIB) burn campaign has seen a sharp decline of 63% over the past week. According to Shibburn, a dedicated shiba inu burn-tracking resource, the community has incinerated up to 856 million SHIB tokens, currently valued at $9,000. This marks the fourth consecutive week of persistent declines despite the buzz surrounding Shibarium and its beta launch on March 11th.
Previous Week’s Burn Rate
As of March 20th, the weekly burn rate amounted to 1.49 billion shiba inu tokens; this was still comparatively higher than the latest figure but marked a 69.26% drop from two weeks ago. These persistent declines have been dominant throughout this month despite occasional spikes in daily burns and excitement around Shibarium’s layer-2 network development.
Price Action of Shiba Inu
Despite these drops in token burns, SHIB is still registering modest losses amid market-wide turbulence; it is currently down 2.5% over the past week trading for $0.000011 at press time. Two weeks ago allegations surfaced claiming that Dogecoin creator Jackson Palmer was involved with Shibu Inu’s price manipulation which caused an immediate reaction from investors causing its price action to plummet significantly before eventually recovering back to pre-allegation levels days later as investors regained confidence in SHIB’s future potential growth prospects due to its adoption within DeFi applications and beyond as an innovative utility token asset class..
Shibarium Mainnet Launch & Benefits
The full deployment of Shibarium on mainnet is expected to provide support for further token burning initiatives as 70% of all fees from transactions will be used for burning purposes once launched; this could potentially increase investor sentiment towards SHIB if successful given its deflationary model as well as create demand for holding onto SHIB tokens rather than selling them off quickly due to their scarcity and limited supply cap given only 589 billion total supply exists compared with more widely adopted crypto assets such as Bitcoin or Ethereum which both have much larger supplies than other altcoins like Shibu Inu which can make them more attractive investment opportunities depending on individual investor risk appetite considerations..
As Shibu Inu continues on its journey towards becoming one of the leading altcoin projects across DeFi space and beyond it remains important that investors remain vigilant when assessing current news updates while also trying not to get too caught up into any FOMO buying mentality that can occur during periods of heightened volatility especially given how quickly prices can move nowadays due to increased liquidity levels across crypto markets in general so always remember your personal financial goals before investing into any digital asset whether it be crypto or traditional stocks/bonds etc
• Peter Brandt recently went to Twitter to highlight two significant gaps in bitcoin’s chart that still need to be filled, and recommended traders to short the digital currency.
• The surge in the value of bitcoin has been driven by a wave of liquidations following the failure of SVB bank and the subsequent bank run.
• According to the idea of gaps, the market will ultimately return to these empty regions and fill the gap, which will lead to a reversal in price at some point in the future.
Peter Brandt Warns Chart Gaps Could Bring BTC Down
A well-known trader named Peter Brandt recently went to Twitter to highlight two significant gaps in bitcoin’s chart that still need to be filled. He told traders to short bitcoin, insinuating that the digital currency’s value would decline in the not-too-distant future.
What are Chart Gaps?
On a chart, gaps are the empty areas that develop when an item’s price dramatically moves up or down, but there is no trading activity between these price levels. A substantial change in the attitude of the market or dissemination of important news often brings them on.
The Market Surge
The latest surge above $28,000 for bitcoin has been driven by a wave of liquidations that followed failure SVB bank and subsequent bank run. Many investors have begun looking towards cryptocurrencies as a haven in hopes of shielding their assets from market collapse.
The gaps hypothesis proposes that all gaps in markets ought to be filled at some point in future. According to this theory, if these gaps aren’t filled it could lead to a decrease in Bitcoin’s value.
It is essential for traders and investors alike take extra caution when it comes cryptocurrency investments due its inherently unstable character. Despite this warning it is still important for investors remain aware of potential ramifications associated with unfilled chart gaps.
• Curve Finance reached $7 billion in trading volume on March 11, smashing previous records.
• The event was triggered by the collapse of Silicon Valley Bank (SVB) and the depegging of USD Coin (USDC).
• MakerDAO submitted an „urgent executive proposal“ to try and limit risks to the protocol by restricting the ability to mint DAI using USDC.
Curve Finance Achieves Record Trading Volume
Curve Finance experienced its highest daily trading volumes ever on March 11, surpassing $7 billion in a single day. This record is due to crypto whales competing for assets after the USDC depeg caused by the collapse of Silicon Valley Bank (SVF).
Imbalanced Currency Pools
The sell-off of USDC has caused imbalanced currency pools in Curve Finance, resulting in the stablecoin dropping below its $1 peg. This news spreads fear and uncertainty across cryptocurrency markets as USDC had a market capitalization of over $42 billion as of Jan. 31 and is used as collateral in several different stablecoin ecosystems.
In response to this development, MakerDAO submitted an „urgent executive proposal“ to try and limit risks to the protocol by restricting the ability to mint DAI using USDC. MakerDAO holds reserves worth approximately $2.85 billion USDC (3.1 billion USDC), making it one of the most significant holders overall.
USDC Bulls Active
Despite these developments, USDC bulls are active as it gained over 4.5% in price valuation at the time of writing, trading at $0.99 with a market cap increase of 4%, taking it to $40,826,989,539 as of March 13th .
Uniswap Takes Lead
At this time, Uniswap surpassed Curve’s daily trade volumes according to DefiLlama with TUSD being supported by three prominent stablecoins; USD Coin (USDC), Tether (TUSD), and TrueUSD (TrueUSD).
• Blur is an NFT marketplace built on the Ethereum blockchain that’s taken the crypto world by storm lately.
• It has surpassed OpenSea in trading volume and captured 53% market share shortly after its launch.
• Its native token plunged 99% from all-time high, seemingly due to its point-based distribution approach.
What is BLUR?
BLUR is a non-fungible token (NFT) marketplace built on the Ethereum blockchain that’s been taking the crypto world by storm lately. Founded by Tieshun Requerre, an MIT graduate, it has become one of the most popular NFT platforms and achieved impressive trading volumes of $1.58 billion over the last 30 days as of Mar 6 according to DappRadar.
How Has Blur Taken NFT Markets By Storm?
Blur has taken NFT markets by storm through its game changing features such as allowing users to buy multiple NFTs from different marketplaces in one fell swoop and incentivizing users to fill their liquidity pool order book through its point system reward mechanism with airdrops. This reward system assigns a risk score to each order which rewards higher bids & lower asks via airdrops.
Price Action Of BLUR Token
The excitement surrounding Blur’s ascent was palpable but so was the rapid decline of its price, which has plunged over 18% in the past seven days as of Mar 6, now trading at a mere $0.69 and down a colossal 98% from its all-time high of $45.98.
Analysts‘ Opinion On BLUR Token Plunge
Delphi Digital has attributed this price plunge mainly due to its point-based distribution approach that incentivizes users to fill liquidity pools order books with higher bids & lower asks via airdrops instead of longer term hodling expectations for investors who invest in these tokens initially expecting huge returns soon after investing in these tokens which eventually leads them into disappointment when they don’t get those returns leading them into selling off their tokens further driving down prices even more .
In conclusion, Blur has been making waves recently with its innovative features that have disrupted traditional non-fungible token markets; however, it appears that its native token is feeling some heat due to investors not receiving expected returns soon enough leading them into selling off their tokens driving prices even lower than before. Despite this momentary dip in prices, analysts remain optimistic about Blur’s potential for long term growth due to continued innovation and adoption within the space