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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).
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
