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711 Million SHIB Burned in Last Week, Shiba Inu Burn Rate Up 824%

Sun, 08/14/2022 - 13:22
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Tomiwabold Olajide
Shiba Inu demonstrated breakout above July 20 high of $0.0000131
711 Million SHIB Burned in Last Week, Shiba Inu Burn Rate Up 824%
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According to the Shibburn website, the burn rate of Shiba Inu is up significantly over the past 24 hours. More than 711 million SHIB were sent to dead wallets in the past week, adding up to the hundreds of millions of SHIB burned since the start of August.

Per the Shibburn website, the SHIB burn rate was showing a rise of 824% as a whopping 292,259,359 SHIB tokens were burned in the last 24 hours.

Shibburn
Shib Burn Tracker, Courtesy: Shibburn.com

In recent hours, several transactions carrying SHIB to be burned were reported by the Shibburn Twitter handle.

Also, recently the burning of 6,000,000 SHIB tokens in two transactions was reported. Also, that of 4,000,000 SHIB and 1,999,999 SHIB transferred to a dead wallet in two separate transactions was reported.

Shiba Inu's breakout seen on 4H chart

As seen on the 4-hour chart, Shiba Inu has demonstrated a breakout above the July 20 high of $0.0000131, posting two massive four-hourly candles in the last eight hours. If Shiba Inu sustains its present rally, the price might rally quite sharply towards $0.000018, which marks the next upside barrier.

TradingView
SHIB/USD 4-Hour Chart, Courtesy: TradingView 

The daily RSI is hovering near the 80 mark, suggesting that the rally might consolidate before the next move. A rejection from current levels might push SHIB back to its previous range with support near $0.0000102.

At the time of publication, Shiba Inu was outperforming its rival, Dogecoin, in terms of gains, up 24% at $0.0000155. According to analysts, Shiba Inu may continue in this trend if the breakout presented by an inverse head and shoulders (H&S) pattern on its daily chart with a target price of $0.000051 is confirmed.

An inverse or reverse head and shoulders pattern often signals that a downward trend is about to reverse into an upward trend. However, this remains speculative based on the prevalent macroeconomic uncertainty in the crypto market.

In the past week, the developers behind Shiba Inu announced that Shiba Eternity was available for early testing in Vietnam, which sparked positive expectations.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.