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Millions of SHIB Burned in Three Big Transactions, Price Regains Key Level

Fri, 12/02/2022 - 11:51
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Tomiwabold Olajide
SHIB was changing hands at $0.0000092, up 4.11% in last seven days
Millions of SHIB Burned in Three Big Transactions, Price Regains Key Level
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According to the Shibburn Twitter account, over 4,699,029 SHIB tokens have been burned in three big transactions. The SHIB burner gives the specifics of the three large transactions and the amount of SHIB each carried in different tweets.

The biggest of these three transactions burned 2,727,768 SHIB in one fell swoop, and the other two transactions burned 971,261 SHIB and 1 million SHIB, respectively.

Interestingly, on the previous day, only three transactions were reported, in which 7,934,474 SHIB tokens were burned. The breakdown of the burn is given thus: 5,836,659 SHIB were burned in a single transaction, while a total of 2,097,814 SHIB were burned in two separate transactions.

SHIB Burn Rate Up 5,800% as Shiba Inu Sets Key Milestone

However, the burn rate was down 40% because the amount burned in the last 24 hours lagged behind higher burn figures reported in previous days.

In the past month of November, when the crypto market woke up to the shock of the tragic FTX collapse, only 666,903,322 SHIB were burned with only 149 transactions.

SHIB price regains key level

SHIB began a recovery in November 22 after reaching lows of $0.0000817. The price steadily recovered until a barrier at $0.000096 was reached, at which point bulls retreated.

Drops below $0.000009 were quickly halted as SHIB returned above this critical level and has remained there since. This might suggest that demand is gradually building up at this key level as buyers reenter the market.

SHIB Reacts to Whales' Buying, Will Price Burn Extra Zero?

At the time of publication, SHIB was changing hands at $0.0000092, up 4.11% in the last seven days. The immediate barrier at $0.0000096 remains an important level to keep an eye on if SHIB is to sustain its rebound.

On the other hand, if the price turns down from the current level, the bears might threaten to pull the SHIB price once again below the $0.000009 level, possibly to the $0.0000081 level.

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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.