In a fascinating twist for the Shiba Inu (SHIB) community, the rate at which SHIB tokens are being burned has increased significantly, even as the price of the meme coin shows modest gains.
Recent data from the Shibburn explorer indicates a 62.58% increase in the SHIB burn rate over the past 24 hours, with approximately 6.9 million SHIB tokens removed from circulation through 10 separate transactions.
Recent SHIB Burn Events And Market Response: A Detailed Analysis
Details of the 10 transactions show that the largest single burns were 2.55 million SHIB, 1.5 million SHIB, and 1 million SHIB, respectively.
In addition, over the last week, 57.6 million SHIB were burned, marking a nearly 57% decrease from the previous week, indicating a weekly burn rate in decline.
HOURLY SHIB UPDATE$SHIB Price: $0.00002383 (1hr -1.77% ▼ | 24hr -3.80% ▼ )
Market Cap: $14,172,538,490 (-2.80% ▼)
Total Supply: 589,273,577,774,968TOKENS BURNT
Past 24Hrs: 6,985,600 (62.58% ▲)
Past 7 Days: 57,671,544 (-56.28% ▼)— Shibburn (@shibburn) May 20, 2024
Despite this aggressive approach to reducing supply recorded in the past day, Shiba Inu’s price has not mirrored the enthusiasm seen in the burn rate. Currently, SHIB has seen a modest increase, up by 0.1% over the last 24 hours and 1.6% over the past week.
This performance is less pronounced than that of other meme coins like PEPE, BOME, and FLOKI, which have seen increases of 11.6%, 8.9%, and 6.5%, respectively, over the same seven-day period.
Meanwhile, the total SHIB burned since the token’s inception now stands at approximately 410.73 trillion SHIB, a significant chunk of the initial quadrillion supply created by the anonymous founder Ryoshi in 2020.
The current circulating supply of Shiba Inu is around 582.99 trillion SHIB, with an additional 6.28 trillion SHIB locked in various staking platforms.
Shibarium’s Downturn and Bullish Predictions for Shiba Inu Price
On the other hand, the Shibarium layer-2 solution, designed to enhance Shiba Inu’s scalability and efficiency, is experiencing a slowdown in on-chain activity.
The daily transaction count has dropped to 11.91k, a sharp decrease of more than 90% from the 121.91k transactions recorded in the middle of last month.
This blockchain platform’s total number of transfers has reached 417.50 million, with 1.8 million wallets currently connected.
Despite all these, crypto expert Dami Defi has shared an optimistic outlook for Shiba Inu’s price action. The analyst noted that the meme coin has formed a descending wedge pattern in the one-day timeframe.
According to Dami Defi’s analysis, a breakout from this pattern could potentially lead to a surge of over 50% in SHIB’s price, pushing it to around the $0.000035 level.
$SHIB formed a falling wedge pattern on the 1D time frame
If we breakout, a price pump of 50% + is expected 📈
Memeseason continues. pic.twitter.com/kgA353oLZK
— Dami-Defi (@DamiDefi) May 15, 2024
Featured image created with DALL·E, Chart from TradingView