Daily SHIB Burns Spike 2814% as SHIB Price Retests $0.000022

SHIB Army’s digital bonfire takes 7M SHIB out of circulation, but is it enough to overcome severe market conditions?

Shiba Inu Breatihng fire and spreading it everywhere.
Created by Kornelija Poderskytė from DailyCoin
  • Shibburn reports a sharp spike in community-led Shiba Inu burns.
  • SHIB enters a key support cluster between $0.000022 to $0.000024.
  • Top American exchange shuffles 600B SHIB, answering to demand.

Shiba Inu (SHIB) has recently been caught in the paws of crypto bears. To make matters worse, $64.9 million in outflows in Bitcoin exchange-traded fund products applied extra pressure to the general crypto markets. What does this mean for the canine coin’s future?

7M SHIB Blazed in 7 Transactions

SHIB’s supporters gathered in a collective effort to burn over 7M Shiba Inu tokens over the past 24 hours. According to the burning tracker Shibburn, a whopping 7,912,388 SHIB coins were blazed in seven transactions.

This cumulative crypto-burning deed has reduced the circulating supply of SHIB to 589,273,453,976,770. However, measuring in a seven-day timeframe, SHIB holders are yet to catch up with the coin’s burn rate last week, which saw an estimated 33,717,759 SHIB tokens set ablaze.

Robinhood Shuffles 600B SHIB on Support Retest

Robinhood, one of the most popular American retail crypto exchanges, moved 600 billion SHIB tokens between two hot wallets on June 11. Initially, this transfer was thought to be a major crypto player bagging 600 billion SHIB from Robinhood to a decentralized wallet, but this wasn’t the case.

Upon further research by DailyCoin, it was found that the ‘Robinhood 2’ tagged hot wallet had transferred 600,000,000,000 SHIB tokens to ‘Robinhood 6.’ SHIB now takes up 12.5% of this hot wallet’s total portfolio value. As of press time, this wallet holds 3,480,286,119,941 SHIB coins.

These findings didn’t prevent SHIB from plummeting to weekly lows, as SHIB succumbed to the generally bearish market sentiment on July 11. Thanks to BTC ETFs losing steam with $64.9 million outflows on Monday, Shiba Inu’s 5% dive over the past 24 hours saw the token retesting a critical support barrier at $0.000022.

This serves as a key support cluster for SHIB with a volume of 22.59T SHIB tokens, divided between 47.06K addresses. If Shiba Inu’s price continues to hold the support bubble between $0.000022 and $0.000024, the next stop between $0.000024 to $0.000025 may be more favorable for the bulls, as there are 13.44T SHIB tokens between 27.32K addresses.

Sponsored

Shiba Inu’s monthly top remains at $0.00002875, recorded on May 29, 2024. Its current market capitalization is $13,051,615,248, having lost nearly $4 billion since the highest point of the latest 30-day period.

On the Flipside

  • A large chunk of the SHIB Army is waiting to see an automatic SHIB burning mechanism, which could drastically speed up the burning process.
  • Originally slated for early 2024, the Shiba Inu burning consensus is still being tested on Shibarium’s testnet without a set release date.

Why This Matters

Burning can alter a coin’s circulating supply, creating a better market value due to the burning-induced scarcity.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.