Shiba Inu Event Raises The Bar With A 26,000% Surge In 24-Hour Burn Rate

Shiba Inu ‘burns’ dominate headlines in 2023 as more whale addresses participate in the event. Notably, the Shiba Inu community burnt a massive 3.03 billion SHIB tokens in 24 hours. Blaze token currently leads as the top burner on the network. This record burn occurred in two separate transactions.

The burning mechanism aims to remove excess tokens from circulation, causing scarcity and boosting SHIB’s value. 

Mysterious Wallet Burns SHIB

An anonymous wallet, inactive for over a year, suddenly became active and burnt its entire holding of SHIB tokens. These tokens were 18.23 million, with the burn occurring in a single transaction. The recent spike in burn activities boosted the overall Shiba Inu burn rate by over 26,450.21% in the last 24 hours.

Also, a new project in the crypto space, Blaze token, transferred over 3 billion SHIB to the dead wallet in one transaction. This is the largest burn this year and adds to Blaze’s overall burn contribution to the network.

Blaze, a token launched on May 2, has performed three massive burn transactions, eliminating 6.71 billion SHIB total. 

Shiba Inu Price Today

SHIB is currently in a sideways trend finding a consolidation point after its recent downtrend. The small candles on the daily chart indicate limited trading activity, as its trading volume is down by 10.88% today.

SHIB has dropped below its 50-day and 200-day Simple Moving Averages (SMA), a bearish signal in the short and long term. The 50-day SMA dropped below the 200-day SMA on May 11, 2023, forming a death cross on the chart reflecting bearish pressure. 

Also, the Relative Strength Index (RSI) is 30.04, firmly in the oversold region. However, the indicator is moving sideways, reflecting the current trend on the price chart.

SHIB’s Moving Average Convergence/Divergence (MACD) is below its signal line and showing negative values, which is a bearish signal.

However, the histogram bars are fading, suggesting the possibility of a trend reversal ahead for the asset. SHIB has bounced off the $0.00000868 support level seeking to recover and return to the $0.00000989 resistance level.

The bulls and bears are evenly matched in the market, forcing the sideways trend observed. However, a break above the $0.00000989 resistance will see SHIB text the next resistance level of $0.00001019.

Despite the bearish sentiment of the indicators, SHIB is in the oversold region, and the buyers might soon re-enter the market to force a rally.

Expect a price increase in the coming weeks if the $0.00000868 support holds. However, a decline below this level will drive the asset to the $0.00000800 support.

Featured image from Pixabay and chart from TradingView.com