The Shiba Inu network burned 82 million SHIB in one day. What about the price?
The Shiba Inu network burned 82 million tokens, and the burn rate reached 4,111.57%
Shiba Inu community is optimistic despite minor price impact
From a technical perspective, SHIB could make a bullish breakout from an inverted head and shoulders pattern.
Over the past 24 hours, more than 82 million SHIB tokens have been burned on the Shiba Inu network, raising the burn rate to 4111%. Let's figure out what this means for the value of cryptocurrency
In the Shiba Inu ecosystem, tokens are destroyed regularly and in large quantities: they are transferred to a wallet that no one can use. They are thus taken out of circulation, reducing the total circulating supply.
How many tokens are burned in the Shiba Inu network
According to the Shibburn service, which tracks when and how many tokens are burned in the Shiba Inu network, 82 million SHIB tokens were destroyed over the past 24 hours, and the burn rate exceeded 4000%
Sometimes tokens burn accidentally. In April 2024, for example, almost SHIB 1.7 billion was burned in this way. This happens when users accidentally send SHIB to a Contract Address.
After the last burn, the total number of SHIB tokens destroyed exceeded 410 trillion, which is almost half of the original emission volume. Currently, there are approximately SHIB 589 trillion remaining in circulation.
Read also: SHIB burning and some crazy theories
What will happen to the Shiba Inu course?
The 82 million SHIB burned over the past 24 hours are worth approximately $2,035. Such amounts cannot significantly affect the value of the token. However, community members hope that accelerated combustion will spur deflationary processes in the ecosystem and contribute to rising prices.
BeInCrypto analysis suggested a possible 15% increase in SHIB with a target of $0.00002625. Having reached this level, the price corrected by 4% as part of the overall market volatility.
However, the chart shows that SHIB is forming an inverted head and shoulders pattern. A break through the neckline will cause the token to rise by 24% to $0.00003103. If the pattern does not work, SHIB may return to the key support area $0.00002349
Instead of a conclusion
The burning of a large number of Shiba Inu tokens did not affect prices, but increased the optimism of community members. In the long term, if the Shiba Inu team continues to develop the project and increase the token scarcity through burning, the value of the token will likely increase.