- SHIB burn rate rises by 69% after one volunteer burns 25M SHIB in one go.
- Shiba Inu lingers around the critical $0.00003 area as sell pressure mounts.
- With 582,569,352,533,086 left in circulation, the community awaits auto burns.
Shiba Inu’s (SHIB) Spring rally has been highlighted with record-high trading volumes in both Spot and Derivatives markets. Shiba Inu recorded a massive upswing to reach the yearly height of $0.000044 on March 5, 2024 but has since faced a gradual market correction, now nearing a 20% deficit over the past seven days.
While the crypto community was surrounded by bears this Friday, some SHIB custodians decided to contribute via manual SHIB burns. In three transactions, the official Shiba Inu burn tracker recorded 25,670,010 SHIB coins burned over the past 24 hours.
One particular transaction out of the triplet raised a whirlpool of questions due to its magnitude—one Good Samaritan blazed a whopping 25,161,188 SHIB tokens in a single transaction. Converting to $722, the burning transaction has pushed Shibburn’s daily burn rate up by 69%, a significant milestone considering that Shiba Inu’s burning mechanism currently only includes manual mode.
Why Did SHIB’s Price Plummet Double Digits?
SHIB continues to mingle around the $0.00003 price range. While Shiba Inu’s price is seeking consolidation above the barrier after last week’s mega rally, a drop below $0.00003 on the weekly close could send SHIB back to retest the historically prevalent $0.00001 key support cluster.
Sliding down by 12.8% over the past 24 hours, SHIB grapples with the returning bears, as the selling pressure is evident in the combined liquidity book. In the Spot markets, Shiba Inu’s $45 million pending sells currently outweigh the buys by $10 million.
Judging from the statistics in the Derivatives markets, the interest in SHIB’s leveraged trades has also taken a downturn. Open Interest (OI), used to calculate the density of activity in Derivatives, points to a 13.13% drop in Shiba Inu’s trades as $3.90 million long positions were liquidated in the most recent 24-hour timeframe, according to CoinGlass data.
On a brighter note, Shiba Inu’s recent price movement has produced two bullish on-chain signals: 1% net network growth and a 16% rise in transactions above $100K, according to IntoTheBlock on-chain data. According to the price aggregator CoinGecko, SHIB is exchanging hands at $0.00002871.
On the Flipside
- Many SHIB custodians on X are enquiring about Shibarium’s on-chain auto-burning system, which was set for a January 2024 release.
- Being first deployed on Shibarium’s testnet, this SHIB auto-burn module is set to speed up the canine coin’s burn procedure drastically.
Why This Matters
Shiba Inu is one of the best-performing altcoin in the Q1 of 2024, challenging the leading memecurrency Dogecoin for a spot in the TOP 10 by crypto’s global market capitalization.
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