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Shiba Inu Burns 111 Million SHIB Tokens, Here's How Burn Rate Reacted

Mon, 04/10/2023 - 14:45
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Tomiwabold Olajide
111,173,988 Shiba Inu (SHIB) tokens have been burned in last 24 hours
Shiba Inu Burns 111 Million SHIB Tokens, Here's How Burn Rate Reacted
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According to the Shibburn Twitter account, 111,173,988 SHIB tokens have been burned in the last 24 hours, in 10 transactions.

Though a significant amount of SHIB was burned, the SHIB burn rate reacted surprisingly. According to the SHIB burn Twitter website, the burn rate was down nearly 90%. This is because, 48 hours earlier, over 1.1 billion SHIB (1,106,171,150) were burned in three transactions.

In the past week, a total of 1,178,830,489 SHIB tokens were burned in 26 transactions.

SHIB had an initial total supply of 1 quadrillion, or 1,000,000,000,000,000 tokens. In May 2021, Ethereum co-founder Vitalik Buterin was unwillingly gifted half of SHIB's total supply, and he burned 90% of his tokens, which is a massive 410 trillion SHIB.

According to the Shibburn website, the total burned so far from the initial supply is 410,631,355,779,408 SHIB.

Shiba Inu price action

At the time of writing, SHIB was marginally up in the last 24 hours at $0.00001092. The token is up 1.18% in the last seven days. So far this year, Shiba Inu has had a change of 35.08%.

After reaching highs of $0.0000117 on April 3, Shiba Inu declined to trade underneath the daily MA 50 at $0.00001124.

Shiba Inu (SHIB) Whales Waking Up Into New Month as This Metric Spikes 228%

Shiba Inu is currently trading in a narrow range between its daily moving averages as it gears up for another move. The RSI has flattened slightly below the mid-50 point, suggesting consolidation.

Shiba Inu seeks to gain traction in the coming days through the launch of Shibarium. A testnet for Shiba Inu's upcoming Shibarium platform has seen remarkable adoption.

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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.