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A total of 20,423,263 SHIB have been shifted in one swoop, attracting the attention of the Shiba Inu community.
Shibburn, an X account that tracks Shiba Inu burns, has reported a huge burn transaction in which 20,423,263 SHIB tokens were transferred to a dead wallet.
A dead wallet, also known as a burn address, is one from which tokens cannot be recovered or spent. Assets sent to this form of wallet are effectively removed from circulation permanently. This move is part of a deliberate deflationary strategy aimed at reducing the overall supply of the Shiba Inu token, potentially boosting its value over time.
Yuri MolchanIn a separate tweet, Shibburn also reports another significant SHIB burn transaction in which 12,938,434 SHIB were transferred to a dead wallet.
These two transactions contribute to a total of 35,079,546 burned in the last 24 hours. The Shiba Inu burn rate has increased by 133.07% in this time frame. In the last seven days, a massive 115,617,310 were burned, representing a 60.25% weekly surge in burn rate.
Shiba Inu price action
At the time of writing, SHIB was up 2.41% in the last 24 hours to $0.00001574, extending its rebound from lows of $0.00001505 on Feb. 19 into the third day. Although SHIB increases since this time were minute, they remain noteworthy following the appearance of a death cross on its daily charts.
A death cross occurs when a shorter-term moving average, often the 50-day, dips below the longer-term 200-day moving average. However, moving average crossovers are deemed to be lagging indicators, as by the time the death cross appears, the crypto asset might have been oversold and due for a rebound.
If this is the case for Shiba Inu, a break above the daily moving averages of 50 and 200 at $0.00001898 and $0.0000192 would be the first sign of bullishness and cause SHIB to aim at the $0.0000334 high.
Tomiwabold OlajideIn what might seem positive for alternative cryptocurrencies, including SHIB, CryptoQuant CEO Ki Young Ju believes that alt season might have begun as stablecoin holders are favoring altcoins, with altcoin volume being 2.7 times of BTC. This remains a selective alt season, with BTC dominance no longer defining altcoin season; trading volume does.
Dan Burgin
Vladislav Sopov