- SHIB’s daily rate scorched past 300 million Shiba Inu coins.
- An approaching sell wall shuts out SHIB from larger gains.
- The SHIB Army asks Coinbase to set aside SHIB for burning.
The official Shiba Inu burn tracker Shibburn reported a stupendous increase in burns over the past 24 hours. Blazing 301,686,518 SHIB in eight transactions, the tokens accelerated the daily burn rate by 4,677%, according to on-chain stats.
Here’s Why SHIB Price Is Lagging Behind
However, Shiba Inu’s price kept on trailing behind despite a general market rebound last weekend. On Monday, SHIB resided in a small support bubble between $0.000017 and $0.000018, as it gained 1% in the latest 24-hour period. The slight rebound comes amidst some selling pressure on Spot markets, as SHIB sales outscored bids by $1.69 million.
SHIB faces a major resistance barrier from $0.000018 to $0.000019, storing a volume of 420.98T SHIB tokens split between 26.38K crypto addresses. This could set off sell-offs by large holders, as 52% of overall SHIB custodians are making a profit at this price.
SHIB Army Asks Coinbase to Burn SHIB
Whilst SHIB Army members across social media channels are advocating for burns in the billions every day, most are anticipating a game-changer in the Shibarium auto-burn system. The mechanism is slated to drop later this year, which imposes a deduction for SHIB burns on every Shibarium L2 transaction.
A great example of this was three massive SHIB burns between December 2023 and January 2024, accounting for 43 billion SHIB blazed by Shibarium’s administration from cumulative Bone ShibaSwap (BONE) fees on the Layer-2 network. Now, prominent members of the Shiba Inu community are asking other SHIB custodians to encourage popular crypto exchanges to contribute.
In an effort to reduce SHIB’s circulating supply, both centralized exchanges (CEXs) and the SHIB Army can reap the benefits. This was outlined by Lola, a popular crypto influencer on X: “If people are aware that we have automated true burning mechanisms from high-volume exchanges, then they will understand its deflationary characteristics.” Lola added that the SHIB burns are tax-deductible for crypto exchanges in case they are ready to contribute.
On the Flipside
- Shiba Inu’s (SHIB) monthly price performance sealed a 36% deficit in June, falling from the key support cluster of $0.000026 to $0.000017.
- Bone ShibaSwap (BONE) performed similarly to SHIB with 1% 24-hour gains, jumping back above $0.50.
Why This Matters
Deflationary crypto dynamics induced by burns can potentially affect the coin’s long-term value.
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