6.78 Billion SHIB Burned in March, Lead Developer Skeptical
• The SHIB burn numbers have seen a strong increase in recent weeks.
• March 2023 saw the highest number of burns since October 2022, with 6.78 billion SHIB burned in 540 transactions.
• Lead developer Shytoshi Kusama commented that the current burn numbers are too low to have an effect on the SHIB price and that swing traders could benefit from this market situation.
High SHIB Burn Numbers
Recent weeks have seen a sharp rise in Shiba Inu (SHIB) burn numbers, with March 2023 being the strongest month since October 2022. 6.78 billion SHIB were destroyed through 540 transactions, significantly more than previous months: 352 million SHIB were burned in February (128 transactions); 1.12 billion in January (223 transactions); 2.072 billion in December (349 transactions); 1.922 billion in November (381 transactions); and 9.05 billion in October (2,433 transactions).
Lead Developer’s Perspective
Despite the strong burn numbers, the Shiba Inu price has not been increasing proportionally, leading one investor to express frustration which was addressed by lead developer Shytoshi Kusama who gave his perspective on the matter. He noted that this is an opportunity for swing traders as there is currently a cycle of interest rotation from Bitcoin to Ethereum to altcoins and that current burns are too low to affect SHIB prices significantly.
Crypto Market State
Kusama analysed the state of the crypto market and explained that while Bitcoin has gained a lot of dominance lately, Ethereum surged after its Shanghai upgrade which could signal an upcoming altcoin season which might also benefit SHIB prices.
Kusama stated that he believes SHIB to be an interesting investment for swing traders due to its potential for high returns as well as its tendency for significant swings in price over short periods of time – making it ideal for those looking for quick profits from their investments .
Overall, despite not seeing huge gains yet from burning so many tokens, there is still hope that they will pay off soon as investors await an altcoin season which could bring good news for those invested into Shiba Inu tokens such as increased demand or higher prices overall due to increased liquidity