Shiba Inu (SHIB) Burn Continues As Community Destroys 3 Billion Tokens In One Week
22 Mai 2023 - 2:41PM
NEWSBTC
The Shiba Inu community remains passionate about controlling its
price action by eliminating excess tokens in circulation through
burn events as the community has continued to burn SHIB tokens.
Recent data from Shibburn.com reveals that 3.05 billion SHIB got
burnt in eight separate burn transactions in the past seven
days. The latest statistics represent a 75% increase in the
total burn rates compared to the 1.75 billion SHIB burned the
previous week. Related Reading: Bitcoin Plunges Below $27,000 As
Miners Show Signs Of Selling Shiba Inu Token Burn Continues Blaze
token has become the top-ranked SHIB burner in the ecosystem since
its launch. The project destroyed over 3 billion SHIB in a single
transaction executed on May 16, 2023. In the last 7 days, there
have been a total of 3,054,599,199 $SHIB tokens burned and 8
transactions. #shib — Shibburn (@shibburn) May 21, 2023 Also, a
mysterious wallet burnt 18.23 million SHIB tokens on 16th May,
making it a record-breaking date in the ecosystem. The Shiba
Inu community has burnt over 410.6 billion SHIB, with over 574.30
trillion still in circulation. A Twitter user, SHIB INFORMER,
notably posted a snapshot of a proposed token burn mechanism on
Shibarium. According to SHIB INFORMER, the Shibarium burns
will focus on transactions and regulating the excess supply of
tokens in the community through a burning mechanism to boost the
value of SHIB tokens. The Shibarium upgrade is a layer-2 (L2)
solution built on the Ethereum network for Shiba Inu. It seeks to
transform Shiba Inu from a meme coin to a functional ecosystem.
Although there is no definite date for its launch, the SHIB
community expects it in 2023. SHIB Price Action SHIB is
experiencing volatility today as it seeks to recover from the
recent price drop in May, leading to a death cross on May 10, 2023.
However, the bears are active in the market, keeping its price
down. As such, SHIB is still trading below its 50-day and 200-day
Simple Moving Averages (SMA). Related Reading: Will Bitcoin Prices
Limit And Slow Down The Number Of BTC ‘Wholecoiners?’ Even though
the SMAs indicate a bearish sentiment in the short and long term,
SHIB shows interesting signals hinting at a bullish recovery. Its
Relative Strength Index (RSI) is 39.95 in the neutral zone but
moving upwards, indicating a price recovery ahead for the
asset. Also, SHIB’s Moving Average Convergence/Divergence
(MACD) is above its signal line, a bullish signal. Notably, its
histogram bars are bullish, confirming a bullish sentiment today.
SHIB is close to the $0.00000882 resistance level after it found
critical support at $0.00000851. The bears could not return SHIB’s
price to $0.00000824, implying that an uptrend to reclaim its
closest resistance level is possible. SHIB will likely rally in the
short term to reclaim the $0.00000884 price level, although there
are no guarantees in the crypto market climate. Featured image from
Pixabay and chart from TradingView
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