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The Shiba Inu and the crypto community were quick to notice a strangely specific figure in the latest burn update provided by Shibburn: 3,333,333 SHIB burned in the last 24 hours. While it could simply be a numerical fluke, it has sparked curiosity as it coincides with the Shiba Inu price rebound after days of drops.
Interestingly, the 3,333,333 SHIB was burned in a single burn transaction, which adds another layer of intrigue to the overall narrative. While the number may appear symbolic, or it might even be deliberate or just a mere coincidence, some may interpret it as a hidden signal; the implications are mixed.
According to data from Shibburn, the 3,333,333 SHIB burned marks a 78.26% drop in the daily burn rate. This marks a decline in comparison to previous days, when burn rate surged four or even five figures. On May 17, for instance, the daily SHIB burn rate soared 106,040.49%, with 15,330,933 SHIB being sent to dead wallets.
However, in the past seven days, 120,817,453 SHIB have been burned, according to Shibburn, representing a 120.98% increase in the weekly burn rate. This suggests that despite the recent drop in daily burns, the community continues to ramp up efforts to reduce the SHIB total supply.
SHIB price rebounds
Shiba Inu (SHIB) is showing slight signs of recovery after last week's profit-taking. Following four consecutive days of decline since May 14, which hit lows of $0.00001398 on May 17, Shiba Inu has slightly rebounded.
At the time of writing, SHIB is up 3.39% in the last 24 hours, trading at $0.00001468, according to CoinMarketCap data. However, the dog coin remained down 8.35% weekly.
The market is watching SHIB to see if it can sustain its upward momentum or if the rebound is simply a dead cat bounce.
If upward pressure sustains, resistance is at $0.00001765 and the daily SMA 200 at $0.00001826; if selling pressure returns, support is envisaged at $0.00001398 and the daily SMA 50 at $0.00001319.
Vladislav Sopov
U.Today Editorial Team