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Shiba Inu (SHIB) Daily Burn Rate Ramps Up With Millions of Tokens Burned

Sun, 05/14/2023 - 08:55
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Tomiwabold Olajide
Daily burn of Shiba Inu (SHIB) picked up its pace
Shiba Inu (SHIB) Daily Burn Rate Ramps Up With Millions of Tokens Burned
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Shiba Inu's burn rate saw a mild recovery as Shiba Inu's daily burn started to pick up pace once more. On Friday, Shiba Inu burning saw an anomaly as zero tokens were burned the prior day.

Saturday reported over 8 million tokens burned, which marked an increase as compared to the prior day.

Currently, a total of 12,871,772 SHIB tokens have been burned through two transactions in the last 24 hours. The Shiba Inu burn rate is up 60.30%, according to the Shibburn website.

In the last seven days, the Shibburn initiative reported that a total of 1,748,403,277 SHIB tokens have been burned in 20 transactions.

Shiba Inu (SHIB) Burn Goes Bizarre, What's Happening?

Burning, which is a process that removes tokens from circulation, remains a widely discussed topic in the Shiba Inu community, which wants to see more burns.

A total amount of 410,638,982,069,034 SHIB has been burned from the initial supply of 1 quadrillion SHIB.

Shiba Inu showing signs of bottoming

Shiba Inu has posted a crossing of its daily moving averages on its chart. This time, a bearish signal — a death cross — was detected.

A "death cross" is a market chart pattern reflecting recent price weakness, and it occurs when an asset's short-term moving average drops below its longer-term moving average.

Shiba Inu Caught up in 285 Trillion SHIB Resistance, Will Bulls Save the Day?

While this might seem concerning, previous indications of a "death cross" on the Shiba Inu chart often suggested "bottoming."

At the time of writing, SHIB was marginally up in the last 24 hours at $0.0000087. Another positive indication on the SHIB chart is its daily RSI, which is at an oversold level of 30.

This implies a rebound might be imminent for SHIB, at least in the short term.

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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.