Shiba Inu Community Destroys 3.26 Billion SHIB in April Amid Price Decline
May 01 2023 - 10:00AM
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Shibburn reports that over 3.26 billion Shiba Inu tokens were
burned in April 2023 across 125 transactions. These figures are
lower than the total SHIB burns in March 2023, which was 6.78
billion SHIB tokens burned through 540 transactions. Related
Reading: Can Meme Coin PEPE Get Into The Top 100? Read This Before
Buying The SHIB burn process involves sending Shiba Inu (SHIB)
tokens to an address known as a “burn address.” This address is a
designated address created to hold the tokens to be burned
permanently. The Shiba Inu community carried out these burn
transactions to reduce the total supply of SHIB in circulation.
Notably, a token’s scarcity sees demand higher than supply leading
to a boost in price. Despite the high number of token burns, SHIB’s
price is still declining. Koyo Retains Top SHIB Burner Status From
March 2023 Koyo (KYO) retains its top SHIB burner status for a
second consecutive month burning a whopping 2.59 billion
tokens. It burnt 6.15 billion SHIB tokens in March 2023
through multiple transactions. The largest of its burn transactions
in March was a transfer of 924.15 million SHIB to the dead wallet
on March 17. Also, Koyo burned another 794.85 million tokens on
March 28. Koyo continued its aggressive burn rate in April 2023,
sending 1.10 billion SHIB to the dead wallet on April 9. Also, Koyo
followed up with another massive burn event on April 14, burning
1.49 billion SHIB tokens. However, the burns didn’t affect
Shiba Inu’s value as the token’s price is still down by over 2% in
the last 24 hours. Related Reading: Pepe Coin’s Mega Rise Pinned To
This Smart Contract Fix The current price slump could be a
temporary pullback due to the recent market downtrend. One thing
that could change the trajectory of the price is the Shibarium
upgrade, which is yet to be announced. Shiba Archives said a
top SHIB developer claimed the Shibarium upgrade would be here
before May. However, the developer did not specify the year or give
further information. Notably, some SHIB community members reacted
to the reduced burn rates in April 2023. A Twitter user, Macguy,
stated that the developers don’t want to listen to the SHIB
community‘s calls for more burns. He believes the burns are slow
and dragged on purpose, announcing that he did his part by burning
10 million SHIB tokens. Shiba Inu Price Analysis SHIB is in a
downtrend today, dropping below its support level of $0.0000102.
Also, it is trading below its 50-day and 200-day Simple Moving
Averages (SMA), a bearish sentiment for the short and long term.
SHIB’s resistance levels are $0.0000118, $0.000012, and $0.0000113
as it is currently trading at $0.00000996. The Relative Strength
Index (RSI) is at 36.26 and descending into the oversold region of
30. SHIB will likely experience further price decline in the
coming days. However, the $0.00000973 support will prove critical
and can act as a price pivot for a recovery. Featured image from
Pixabay and chart from Tradingview
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