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175 Million Shiba Inu Tokens Burned This Week, $0.00003 Looms?
In the backdrop of the weekly price correction witnessed by Shiba Inu (SHIB), the meme coin community seems to have recorded the destruction of as many as 175 million tokens, instilling a ray of hope on the meme coin despite its downward momentum. According to information revealed by the token burn tracker, 174.93 million SHIB tokens, to be precise, were burned in the last week.
The huge amount of tokens removed from SHIB’s market supply resulted in a 281% increase in the weekly consumption rate, which appears to have prevented the dog-themed meme token from facing further downward pressure. Here’s a deep dive into the Shiba Inu token-burning news, developments and price movements over the past week, which appear to have sparked speculation about the dog-themed meme token’s potential to reach $0.00003 early.
SHIB burning data: a closer look
According to Shibburn, the Shiba Inu burn tracker, amid the 281% weekly increase in burn rate, today marks a 71.55% increase in SHIB burns. With 42.76 million tokens burned in the last 24 hours, the meme coin appears to be using the elimination of its supply to avoid further declines.
Meanwhile, the token’s circulating supply stood at 582.94 trillion SHIBs, while the total supply stood at 582.94 trillion coins at the time of this writing, with 410.72 trillion tokens burned to date. However, despite the destruction of nearly half of Shiba Inu’s supply, the token has yet to embark on a long-awaited parabolic uptrend.
Furthermore, the dog-themed meme token started this year on an optimistic note, with SHIB rising from a low price level of $0.000008 to a peak of $0.00003 in March. This price rise is mainly in line with the massive gains in the meme coin sector, as highlighted by VanEck Meme Coin Index. At the same time, SHIB has further ridden the wave of optimism with the weight of developments in its ecosystem.
It’s worth noting that while the community token burning mechanism continued to burn significant amounts of SHIB in the background, the Shiba Crypto Community ruled out a series of updates aimed at further enhancing tokenomics. However, after the token reached a high of $0.00003, SHIB started moving sideways on a declining trajectory, giving rise to a wave of speculation among investors about future price movements.
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Shiba Inu Price Action
At the time of writing, The price of the SHIB showed signs of pullback, falling 3.59% to $0.00002255. Its 24-hour lows and highs are $0.00002222 and $0.00002358, respectively. Additionally, the token’s market capitalization fell by 3.46% to $13.29 billion, while 24-hour trading volume followed, falling by 2.18% to $374.93 million.
This short-term price action is in contrast to recent developments and community burns. Instead, data from Coinglass showed a 0.36% increase in SHIB’s open interest, reaching $59.74 million, followed by a 3.33% increase in derivatives volume to 114.26 Millions of dollars.
Collectively, the market data potentially highlights SHIB’s current market volatility. On the other hand, focusing on recent burn developments, a recent analysis by CoinGape Media suggests that if the market recovery persists over a broader time frame, the Crypto meme it could potentially reach the $0.00003 price level.
However, the RSI has continued to slide, now settling near 42. While this suggests that the token is neither overbought nor oversold, it tips the scales towards more downside pressure in the market.
However, this year’s major event, the BTC halving, and its aftermath are expected to strengthen SHIB in the long term. Crypto market participants continue to keep an eye on the token as bulls and bears battle over Shiba Inu.
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