{"id":24177,"date":"2023-05-16T17:53:02","date_gmt":"2023-05-16T21:53:02","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=24177"},"modified":"2023-05-16T17:53:02","modified_gmt":"2023-05-16T21:53:02","slug":"shiba-inu-event-raises-the-bar-with-a-26000-surge-in-24-hour-burn-rate","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/16\/shiba-inu-event-raises-the-bar-with-a-26000-surge-in-24-hour-burn-rate\/","title":{"rendered":"Shiba Inu Event Raises The Bar With A 26,000% Surge In 24-Hour Burn Rate"},"content":{"rendered":"

Shiba Inu \u2018burns\u2019 dominate headlines in 2023 as more whale addresses<\/a> participate in the event.\u00a0Notably, the Shiba Inu community burnt a massive 3.03 billion SHIB tokens in 24 hours.\u00a0Blaze token currently leads as the top burner on the network. This record burn occurred in two separate transactions.<\/p>\n

The burning mechanism aims to remove excess tokens from circulation, causing scarcity and boosting SHIB\u2019s value.\u00a0<\/p>\n

Mysterious Wallet Burns SHIB<\/h2>\n

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<\/a>, with the burn occurring in a single transaction.\u00a0The recent spike in burn activities boosted the overall Shiba Inu burn rate by over 26,450.21% in the last 24 hours.<\/p>\n

18,236,152 $SHIB<\/a> -> transferred to dead wallet. https:\/\/t.co\/rCe5Ws75vl<\/a><\/p>\n

\u2014 Shibburn (@shibburn) May 15, 2023<\/a><\/p>\n\n

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\u2019s overall burn contribution to the network.<\/p>\n

Blaze, a token launched on May 2, has performed three massive burn transactions, eliminating 6.71 billion SHIB total.\u00a0<\/p>\n

Shiba Inu Price Today<\/h2>\n

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.<\/p>\n

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.\u00a0<\/p>\n

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. <\/p>\n

SHIB\u2019s Moving Average Convergence\/Divergence (MACD) is below its signal line and showing negative values, which is a bearish signal.<\/p>\n

However, the histogram bars are fading, suggesting the possibility of a trend reversal ahead for the asset.\u00a0SHIB has bounced off the $0.00000868 support level seeking to recover and return to the $0.00000989 resistance level.<\/p>\n

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.<\/p>\n

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. <\/p>\n

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.<\/p>\n

Featured image from Pixabay and chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Shiba Inu \u2018burns\u2019 dominate headlines in 2023 as more whale addresses<\/a> participate in the event.\u00a0Notably, the Shiba Inu community burnt a massive 3.03 billion SHIB tokens in 24 hours.\u00a0Blaze token currently leads as the top burner on the network. This record burn occurred in two separate transactions.<\/p>\n

The burning mechanism aims to remove excess tokens from circulation, causing scarcity and boosting SHIB\u2019s value.\u00a0<\/p>\n

Mysterious Wallet Burns SHIB<\/h2>\n

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<\/a>, with the burn occurring in a single transaction.\u00a0The recent spike in burn activities boosted the overall Shiba Inu burn rate by over 26,450.21% in the last 24 hours.<\/p>\n

18,236,152 $SHIB<\/a> -> transferred to dead wallet. https:\/\/t.co\/rCe5Ws75vl<\/a><\/p>\n

\u2014 Shibburn (@shibburn) May 15, 2023<\/a><\/p>\n

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\u2019s overall burn contribution to the network.<\/p>\n

Blaze, a token launched on May 2, has performed three massive burn transactions, eliminating 6.71 billion SHIB total.\u00a0<\/p>\n

Shiba Inu Price Today<\/h2>\n

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.<\/p>\n

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.\u00a0<\/p>\n

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. <\/p>\n

SHIB\u2019s Moving Average Convergence\/Divergence (MACD) is below its signal line and showing negative values, which is a bearish signal.<\/p>\n

However, the histogram bars are fading, suggesting the possibility of a trend reversal ahead for the asset.\u00a0SHIB has bounced off the $0.00000868 support level seeking to recover and return to the $0.00000989 resistance level.<\/p>\n

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.<\/p>\n

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. <\/p>\n

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.<\/p>\n

Featured image from Pixabay and chart from TradingView.com<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-24177","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24177","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=24177"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24177\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24177"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}