Popular meme-based cryptocurrency $SHIB’s token burn rate has reportedly surged in the past 24-hour period as the Shiba Inu community impatiently awaits the upcoming launch of the beta version of Shiba’s Layer 2 (L2) scaling solution Shibarium.

Here is what Binance Academy says about Shiba Inu ($SHIB):

“Shiba Inu (SHIB) is a dog-themed meme cryptocurrency named after a Japanese dog breed. It was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB to be an alternative to Dogecoin (DOGE) on the Ethereum blockchain.

“SHIB is an ERC-20 token with a decentralized exchange called ShibaSwap. The SHIB roadmap and ecosystem also features an NFT art incubator called Shiba Artist Incubator, 10,000 ‘Shiboshi’ NFTs, and an NFT game Shiboshi Game.

“Shiba Inu had an initial circulating supply of 1 quadrillion tokens. Ryoshi locked 50% of the token in Uniswap to create liquidity and sent the other 50% to Ethereum co-founder Vitalik Buterin’s wallet. However, Vitalik decided to burn 90% of the coins and donate the remaining 10% to charity.“

As of 11:35 a.m. UTC on March 9, $SHIB burn tracker Shibburn is reporting that in the past 24-hour period, the $SHIB burn rate was up an insane 27,954%, with over 410 trillion SHIB tokens burned so far, i.e. permanently removed from the supply or sent to an inaccessible Ethereum address.

The burn rate mechanism was introduced in 2021 after Ethereum creator Vitalik Buterin burned 90% of his $SHIB holdings and donated the rest to charity. The Shiba Inu community has since continued the practice, gradually taking $SHIB out of circulation.

In the past few weeks, there have been several major listings for $SHIB — and other tokens in the Shiba Inu ecosystem — as the community impatiently awaits the launch of Shibarium, a Layer 2 blockchain designed to address the shortcomings of the $SHIB token’s host chain Ethereum, namely low speed and high transaction cost.

#SHIB #shibainu #shibarium #buildtogether #koinmilyoner

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.

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. 

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.

#Binance #SHIB #shibainu #shibarium #shibarmy

Shiba Inu (SHIB) price is seeing bulls getting unleashed as SHIB proves to be an outlier in this selloff Wednesday for alt-coins. From a technical point of view, the turnaround was projected and is setting sail for $0.00001225 or a 10% upswing. Another leg higher will depend on more altcoins seeing a similar turnaround and morale amongst bulls getting a boost.

Shiba Inu price is proving to be a rare outlier in this Wednesday selloff

Shiba Inu price is pushing higher this Wednesday while several alt-coins are lying on their back, floored by the bearish forces that are pushing them to the downside. It should not come, though, as a surprise as Shiba Inu saw its Relative Strength Index (RSI) flooring out and started to tilt higher these past few days. Support comes from the always important 200-day Simple Moving Average (SMA) that saved SHIB traders from falling in a bear market that would have dragged Shiba Inu price below $0.00001000 for now.

SHIB bulls are in for a likely 10% gain as the 55-day SMA is very close and looks to be a cap. This is indicated by the previous reaction of SHIB on Tuesday, when it made a clean break below it and started to accelerate its decline. Should bulls be able to push beyond the 55-day SMA, the monthly pivot at $0.00001300 looks to be the ultimate profit target for now with 16% gains in total for the coming week.

A few altcoins as Vechain and Solana are flirting with bear market territory. Should those or other altcoins start to tank further and eke out more losses, a quick descent for SHIB would be unavoidable. In the decline, that $0.00001000 psychological level would be the ideal level bears want to go to test the strength of their decline and the belief of bulls for a turnaround. 

#shibarium #SHIB #buildtogether #crypto2023 #Binance

Shiba Inu price is down over 1% this Wednesday as risk-off sets the tone.

SHIB sees bulls dropping the ball on trying to keep the rally going as bears enter.

With several risk-off elements going on in the background, altcoins are on the cusp of breaking their own rally.

Shiba Inu (SHIB) price action is tanking over 1% this Wednesday after a very volatile and lucrative session for the bulls on Tuesday. Unfortunately, bulls did not see the bears coming and got rear-ended, smashing price action into the safety barriers. With SHIB price action already down over 6% from top to current level, another 12% could be lost if the support levels get broken.

Shiba Inu bulls got rear-ended by bears at the worst possible time

Shiba Inu price is down for the trading day this Wednesday after bulls did not get some follow-through on the steep rally from Tuesday. Instead of hitting $0.00001250 on the topside with the 55-day Simple Moving Average (SMA) as the key level to get a hold off, bears came in hard and ran price action into the ground. SHIB bulls lost their footing here and are on the brink of crashing off the road. With plenty of market turmoil and volatility in the markets, this time big brother Bitcoin is not stepping up as it did on Tuesday to provide a tailwind.

SHIB could come crashing down like a house of cards now that a favorable tailwind from Bitcoin is not present. Bulls are getting pushed against the green ascending trend line and could be seen taking once bears push through the defenses. The 200-day SMA could still be there for support, but seeing the recent volatility that could be no match.

Should volatility start to ease down a bit in the coming days and bring some calm and sense to altcoins. Expect the green ascending trendline to be used again as support for the rally with this time a nice grind higher towards $0.00001250. As the 55-day SMA gets turned into support that would be ideal for a jump higher toward $0.00001300 by the end of this week.

#SHIB #shibainu #shibarium #koinmilyoner #BTC

Shiba Inu price action shows a surging interest among the community members.

SHIB is up 4% on the day, with leg-up signs to confront the resistance confluence at $0.0000112.

A daily candlestick close below the $0.0000098 support level could invalidate the bullish narrative.

Shiba Inu price has been trading with a bullish bias since March 10 as interest for the meme token increased among community members. The uptrend comes as the Shiba Inu community defends their favorite project in the wake of events that unfolded in the past week when the network received a new designation as the new "Defense Breed."

Notably, the earlier "Breed" team was responsible for fighting FUD and settling deals with various firms on behalf of Shiba Inu.

Shiba Inu price soars as network's social buzz peaks

Shiba Inu price is bullish, supported by news from social analytics platform LunarCrush that SHIB social contributors recorded a daily hit of 47,880, the highest in three months.

A deep dive into Twitter feeds reveals chatter about Shiba Inu, Shibarium, and other elements within the ecosystem that could influence Shiba Inu price.

An increase in buying pressure from current levels could catapult Shiba Inu price to breach the confluence between the horizontal line and the 100-day Exponential Moving Average (EMA) at $0.0000112.

Further north, Shiba Inu price could crack past the 50- and 200-day EMAs at $0.0000114 and $0.0000115, respectively, before confronting the $0.0000122 resistance level.

If sidelined investors join the bandwagon and revitalize buyer momentum, Shiba Inu price could continue upwards, potentially tagging the $0.0000137 resistance level.

In highly bullish cases, the meme crypto could stretch further, tagging the $0.0000147 resistance level, before collecting the buy side liquidity above that level. Such a move would denote a 35% increase from current Shiba Inu price levels.

Conversely, if Shiba Inu price succumbs to overhead pressure, SHIB could drop in market value toward the $0.0000098 support level. A dily candlestick close below this level could invalidate the bullish case.

In dire cases, Shiba Inu price could revisit the $0.0000086 swing low before possibilities of uptrend attempt.

On-chain metrics supporting the bullish thesis for Shiba Inu

As network hype skyrockets, Shiba Inu price could increase. WhaleStats data corroborates this thesis, showing that the number of Shiba Inu holders is also growing and is currently 1,326,366.

Additionally, on-chain metrics from IntoTheBlock add credence to the bullish narrative.

According to the representation above, large transactions on the Shiba Inu network are up 131% in the last 24 hours. Large transaction indicate surging activity from whales or large holders that may be buying or selling.

#SHIB #shibainu #shibarium #koinmilyoner #GPT-4