OKX Hit by Crypto Theft Due to SMS Notification Security Fail

Shiba Inu Burns 175M Tokens: Will $0.00003 Support Hold?

Shiba Inu Burns 175M Tokens: Will $0.00003 Support Hold?

The meme coin’s community has meticulously documented the destruction of a staggering 175 million tokens amidst a weekly price decline. This action has infused hope into the meme coin’s trajectory despite its downward trend. Additionally, the token’s burn tracker provides precise insights into the previous week’s burn rate, totaling 174.93 million tokens. The significant reduction in SHIB’s supply has caused the weekly burn rate to spike by 281%, effectively stabilizing the meme token’s value. Furthermore, recent events and price changes have fueled rumors suggesting that the dog-themed meme token might soon reach $0.00003.

SHIB Burn Data: A More Detailed Exam

According to Shibburn, Shiba Inu’s burn tracker, today’s burn rate represents a 71.55% increase in SHIB burn despite the 281% weekly increase. With 42.76 million tokens burned in the last day, the meme coin is using the depletion of its supply as a safeguard against future declines.

HOURLY SHIB UPDATE$SHIB Price: $0.00002254 (1hr 0.11% ▲ | 24hr -3.91% ▼ )
Market Cap: $13,285,552,188 (-3.72% ▼)
Total Supply: 589,273,678,791,906

TOKENS BURNT
Past 24Hrs: 42,769,551 (71.55% ▲)
Past 7 Days: 174,936,408 (281.27% ▲)

— Shibburn (@shibburn) May 11, 2024

As of press time, the token’s total supply stood at 582.94 trillion coins, with 410.72 trillion already burned. Despite this, the circulating supply remained at 582.94 trillion SHIB. However, the anticipated parabolic rise has yet to materialize, even with nearly half of Shiba Inu’s supply destroyed.

Moreover, the dog-themed meme token experienced a promising start to the year. It surged from a low of $0.000008 to a high of $0.00003 in March. According to VanEck’s meme coin index, this price rally aligns with significant gains in the meme coin industry. Concurrently, SHIB’s ecosystem advancements contributed to this positive wave.

It’s worth noting that while the community’s token burn mechanism continued burning significant amounts of SHIB in the background, the Shiba crypto community ruled out many upgrades to boost tokenomics further. But after the token reached its peak price of $0.00003, its trajectory waned and began to move sideways, which sparked investor speculation about potential future price movements.

Related articles

Shiba Inus’s Market Movement

Despite indications of a retreat, SHIB’s price fell 3.59% to $0.00002255, with highs at $0.00002222 and lows at $0.00002358. Moreover, its market capitalization decreased by 3.46% to $13.29 billion, and the 24-hour trading volume dropped by 2.18% to $374.93 million. However, amidst this slight price movement, recent burning and advancements in the town provide a contrasting narrative. Additionally, according to Coinglass statistics, SHIB’s open interest increased by 0.36% to $59.74 million, while its derivatives volume surged by 3.33% to $114.26 million.

Market data potentially underlines SHIB’s current market volatility. However, focusing on recent burn events, recent research by CoinGape Media indicates that the meme crypto might reach the $0.00003 price level if the market recovery continues over a more extended period. 

The RSI, however, kept declining and is currently hovering at 42. This suggests additional downside pressure in the market even though the token is neither overbought nor oversold.

 

Nonetheless, this year’s main event, BTC’s halving, and its aftermath will support SHIB in the long run. Participants in the cryptocurrency market are still keeping a close eye on the token as bulls and bears compete over Shiba Inus.

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

Sign Up for Our Newsletter!

Hidden

Next Steps: Sync an Email Add-On

To get the most out of your form, we suggest that you sync this form with an email add-on. To learn more about your email add-on options, visit the following page (https://www.gravityforms.com/the-8-best-email-plugins-for-wordpress-in-2020/). Important: Delete this tip before you publish the form.
(Required)

Related Posts

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice

mBit

Inmerion

Marsbet

Press Releases

Related Posts