The Shiba Inu community remains passionate about controlling its price action by eliminating excess tokens in circulation through burn events as the community has continued to burn SHIB tokens.<\/p>\n
Recent data from Shibburn.com<\/a> reveals that 3.05 billion SHIB got burnt in eight separate burn transactions in the past seven days.\u00a0The latest statistics represent a 75% increase in the total burn rates compared to the 1.75 billion SHIB burned the previous week.<\/p>\n Related Reading: Bitcoin Plunges Below $27,000 As Miners Show Signs Of Selling<\/a><\/p>\n Blaze token has become the top-ranked SHIB burner in the ecosystem since its launch. The project destroyed over 3 billion<\/a> SHIB in a single transaction executed on May 16, 2023.<\/p>\n In the last 7 days, there have been a total of 3,054,599,199 $SHIB<\/a> tokens burned and 8 transactions. #shib<\/a><\/p>\n \u2014 Shibburn (@shibburn) May 21, 2023<\/a><\/p>\n\n Also, a mysterious wallet burnt 18.23 million SHIB tokens<\/a> on 16th May, making it a record-breaking date in the ecosystem.\u00a0<\/p>\n The Shiba Inu community has burnt over 410.6 billion SHIB<\/a>, with over 574.30 trillion still in circulation. A Twitter user, SHIB INFORMER, notably posted a snapshot of a proposed token burn mechanism on Shibarium.\u00a0<\/p>\n According to SHIB INFORMER<\/a>, the Shibarium burns will focus on transactions and regulating the excess supply of tokens in the community through a burning mechanism to boost the value of SHIB tokens.<\/p>\n The Shibarium upgrade<\/a> is a layer-2 (L2) solution built on the Ethereum network for Shiba Inu. It seeks to transform Shiba Inu from a meme coin to a functional ecosystem. Although there is no definite date for its launch, the SHIB community expects it in 2023.\u00a0<\/p>\n SHIB is experiencing volatility today as it seeks to recover from the recent price drop in May, leading to a death cross on May 10, 2023.<\/p>\n However, the bears are active in the market, keeping its price down. As such, SHIB is still trading below its 50-day and 200-day Simple Moving Averages (SMA).<\/p>\n Even though the SMAs indicate a bearish sentiment in the short and long term, SHIB shows interesting signals hinting at a bullish recovery. Its Relative Strength Index (RSI) is 39.95 in the neutral zone but moving upwards, indicating a price recovery ahead for the asset.\u00a0<\/p>\n Also, SHIB\u2019s Moving Average Convergence\/Divergence (MACD) is above its signal line, a bullish signal. Notably, its histogram bars are bullish, confirming a bullish sentiment today.<\/p>\n SHIB is close to the $0.00000882 resistance level after it found critical support at $0.00000851. The bears could not return SHIB\u2019s price to $0.00000824, implying that an uptrend to reclaim its closest resistance level is possible.<\/p>\n SHIB will likely rally in the short term to reclaim the $0.00000884 price level, although there are no guarantees in the crypto market climate.<\/p>\n Featured image from Pixabay and chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The Shiba Inu community remains passionate about controlling its price action by eliminating excess tokens in circulation through burn events as the community has continued to burn SHIB tokens.<\/p>\n Recent data from Shibburn.com<\/a> reveals that 3.05 billion SHIB got burnt in eight separate burn transactions in the past seven days.\u00a0The latest statistics represent a 75% increase in the total burn rates compared to the 1.75 billion SHIB burned the previous week.<\/p>\n Related Reading: Bitcoin Plunges Below $27,000 As Miners Show Signs Of Selling<\/a><\/p>\n Blaze token has become the top-ranked SHIB burner in the ecosystem since its launch. The project destroyed over 3 billion<\/a> SHIB in a single transaction executed on May 16, 2023.<\/p>\n In the last 7 days, there have been a total of 3,054,599,199 $SHIB<\/a> tokens burned and 8 transactions. #shib<\/a><\/p>\n \u2014 Shibburn (@shibburn) May 21, 2023<\/a><\/p>\n Also, a mysterious wallet burnt 18.23 million SHIB tokens<\/a> on 16th May, making it a record-breaking date in the ecosystem.\u00a0<\/p>\n The Shiba Inu community has burnt over 410.6 billion SHIB<\/a>, with over 574.30 trillion still in circulation. A Twitter user, SHIB INFORMER, notably posted a snapshot of a proposed token burn mechanism on Shibarium.\u00a0<\/p>\nShiba Inu Token Burn Continues<\/h2>\n
SHIB Price Action<\/h2>\n
Shiba Inu Token Burn Continues<\/h2>\n