Shibburn Soars 36,210%, Paving Way for Shiba Inu’s Breakout

Shibburn enjoys a blazing day as seven Good Samaritans add millions to the daily burn count.

Shiba inu pleased with the new path made for his coin.
Created by Kornelija Poderskytė from DailyCoin
  • Two gigantic donations to Shibburn’s dead wallets set 173M SHIB tokens ablaze.
  • The SHIB Army recently complained on X about Shiba Inu’s burn mechanism.
  • Japanese guard dog-embossed coin Shiba Inu knocks down monthly high.

The Shiba Inu daily burn rate has burst into flames today, with 173,214,139 SHIB tokens sent to the bottomless pit. This metric, provided in real-time by the Shibburn tracker, signifies an increased motivation by SHIB holders to maintain the canine coin’s price.

Equalling $1,420, this upsurge raises the bar for Shiba Inu burns. However, the crypto community is still pointing towards estimated numbers in the trillions to make a decent impact on Shiba Inu’s long-term value. Lately, a heated discussion evolved when the tracker announced the SHIB burn results of October, signifying a 37% drop to September.

Shiba Inu Flirts with Dominant 298T Resistance Barrier

A recent crypto charts analysis by investor Crypto Rand exhibited a bullish pennant confluence zone that Shiba Inu was closely approaching. Today, SHIB scorched past the portrayed horizontal resistance barrier to $0.00000851 but got rejected at the 298T resistance level.

This pinpoints that the range of $0.000008 – $0.000014 holds over 430,600 crypto addresses with a high chance of breaking even at the current Shiba Inu price, adding sell pressure to the markets. However, crypto whales usually tend to assist to break the resistance.

In a recent transaction spotted by crypto whale-watching agency WhaleTracker, one Ethereum whale transferred a whopping 2,481,402,022,140 SHIB tokens to another Ethereum wallet. SHIB is now the top-held digital asset in the receiver’s wallet, with $21M worth of $SHIB in total, pointing to signs of rising accumulation.

At press time, Shiba Inu is changing hands at $0.00000818, facing a downward market correction of 1.7% in the last 24 hours. For the primed setup to persist, SHIB could cling to the success of Shibarium L2. Launched in August 2023, SHIB Token’s Layer-2 scaling solution transformed the memecoin into a renowned player in the decentralized finance field.

On the Flipside

  • SHIB had to grudgingly step aside from the 18th position by global market cap to Litecoin (LTC).
  • With Tuesday’s 36210% acceleration, the SHIB burn count is still down 34.51% monthly.

Why This Matters

Cryptocurrency burning is an efficient way to preserve a coin’s long-term market value.

Check out DailyCoin’s latest crypto news:
Emurgo Envisions Sleeping Giant Cardano to Wake by 2028
Coinbase Banned in Kazakhstan for Breaching Crypto Law

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.

Tags
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.