As Shiba Inu (SHIB) is attempting to stay in the four-zero price territory, community members have started sending their excessive tokens to null wallets. By doing so, the Shiba Inu (SHIB) community, popularly known as SHIB Army, expects to inflate their favorite meme token in hopes of an eventual Shiba Inu price appreciation.
Shiba Inu’s 220M Weekly Burns: Drop In The Ocean?
This makes sense for those holding SHIB tokens in the longer term, as one-year plus SHIB holders have continued to increase even amid the drastic price swings over the recent months. On the contrary, Shiba Inu (SHIB) cruisers and daytraders have shown less inclination towards the meme coin, dropping by 24.42% and 3.66%, respectively.
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Meanwhile, those that have stayed through the ups & downs have sent 34,118,858 SHIB tokens to null crypto wallets over the past 24 hours, whipping up 1,465% gains in the Shiba Inu daily burn meter. However, the generous contribution on Wednesday is overshadowed by the 81.22% drop in cumulative Shiba Inu burns over the past 7 days.
As per latest Shiba Inu burning tracker stats, 202,401,869 SHIB coins were sent to the crypto incinerator over the past 7 days, marking a weakening trend despite today’s SHIB burn efforts.
Market Mayhem Doesn’t Spare Shiba Inu Price
Shiba Inu (SHIB) price took an intra-day upswing to bounce off the lower-tier Bollinger Band (BOLL), depicted in green color in the technical chart below. However, upward momentum is not within reach yet, as the True Strength Index (TSI) points to negative values, hovering between -22 and -21.
Naturally, this means markets are still mainly in control of the crypto bears, otherwise known as short-sellers. The meme coin could face more turbulence due to high SHIB price correlation with Bitcoin (BTC), heading for a $75,000 retest for the third time in 24 hours.
Although Shiba Inu (SHIB) is looking to break through the red-label $0.00001202 Bollinger Band, inability to reclaim this price range could add another zero to SHIB’s price. Besides, Shiba Inu fell into a major resistance level between $0.000011 to $0.000014, where 62.62T Shiba Inu coins are divided between 51.61K crypto wallets.
On The Flipside
- Currently one of the largest supply having among major-cap altcoins, Shiba Inu coin still possesses 589,250,580,063,844 tokens in circulation, according to info from CoinGecko.
Why This Matters
Community-powered token burning initiatives have been known to contribute towards bull rallies, even though token burning is mostly directed at long-term gains.
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