As per IntoTheBlock data, the profitability of the second-largest meme cryptocurrency, Shiba Inu (SHIB), has increased to 41% after dropping to as low as 35% earlier in March.
Shiba Inu presently trades at $0.0000248 after reaching intraday highs of $0.0000253. At the time of publication, SHIB has demonstrated slight growth in the past 24 hours, up 3.59%, and its price has increased by almost 8% over the past week.
In the last 24 hours, the crypto burn tracker on Twitter, Shibburn, has reported that nearly 190 million canine SHIB tokens have been burned to try to make the second biggest meme crypto more scarce and reduce its circulating supply.
On March 23, Bigger Entertainment CEO Steven Cooper disclosed that since October 2021, when the Shiba Inu community began to burn its tokens, nearly 263.4 billion SHIB have been burned by various projects and individuals.
NOWPayments, a noncustodial crypto payments processor, recently announced the introduction of a new feature that allows merchants to burn a portion of profits they receive in Shiba Inu (SHIB) or Doge Killer (LEASH).
Burning refers to the process of permanently removing a certain amount of tokens from circulation. This is believed to make the token scarce, thus driving up value in the long run.
SHIB price action
Shib retested the key barrier at $0.0000253 (daily MA 50) as it continued its three-day advance, reaching highs of $0.0000253 at the time of publication.
As previously covered by U.Today, per Shiba Inu's weekly charts, SHIB has been gradually recovering inside a triangle pattern in recent weeks, but it was unable to close above the $0.0000255 level. SHIB price was rejected from this key level on March 19.
While the price is looking set for incoming price movement within the triangle formation, the momentum indicators, especially the RSI, lie near the neutral mark of 50, suggesting consolidation. On the contrary, a breakout past this key barrier might trigger a 20% rise to near the $0.00003 mark.