Shiba Inu’s massive 1.6B April burns fail to fire up a price rally – Why?

Recent data from Shibburn indicated that in April, over 1.6 billion Shiba Inu tokens were burned across 204 transactions. Further analysis revealed that a substantial number of SHIB tokens, over 410 trillion, are currently held in null addresses.In contrast, approximately 582 trillion tokens remain in circulation. At the time of this writing, the total number of tokens burned was 2.3 million. Despite this significant burn rate, it appears that the reduction in the volume of SHIB tokens in circulation has not notably impacted the overall volume remaining in circulation.

SHIB price trend falls in April:AMBCrypto’s analysis of the daily timeframe chart revealed a decline in the price of Shiba Inu during April compared to the previous month. The analysis indicated that SHIB began trading in April at around $0.000028, experiencing an initial decline of over 6.8%.

Throughout the month, the price continued to trend downwards, resulting in the short-moving average (yellow line) transitioning from a support to a resistance level. This shift indicated a poor performance for SHIB as it traded below the yellow line. By the end of April, the price had dropped to approximately $0.0000022, reflecting a decline of over 7%.At the time of this writing, SHIB was trading at around $0.0000021, with a further decline of over 5%.

Furthermore, analysis using the price range tool showed that SHIB had lost over 26% of its value from the beginning of April to the present.Despite significant token burns during the month, the price trend suggests that these burns did not have a substantial impact on SHIB’s value.

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