Shiba Inu’s community is back blazing spare SHIB tokens to increase scarcity, judging from the latest burn tracking records from Shibburn. The 500% upswing since yesterday is mostly thanks to one particularly-large transfer, splashing 10,491,803 tokens in one go.
Presently, there’s 589.25 trillion SHIB tokens still in circulation, a huge drop from the initial 999 trillion tokens. Out of those, approximately 585 trillion can be used for trading, while another 3.73 trillion remain staked for long-term holdings.
Roughly 82 trillion remain on major crypto exchanges, but the supply crunch from 140 trillion in a year has raised eyebrows – with speculative interest waning, SHIB holders are moving their assets to self-custodial wallets for safer storage.
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The incineration didn’t immediately reflect on SHIB’s price. The popular meme coin soaked up the negative sentiment of the broader crypto & stock markets. As Bitcoin (BTC) plunged below the long-term support levels of $85K, Ethereum (ETH) dipped even harder, retesting $2.7K.
Here’s What’s Stopping Shiba Inu’s Bounce Back
Notably, this has pushed Shiba Inu coin (SHIB) to retest the lower boundary of the Bollinger Bands (BOLL) at $0.00000710. The intra-day lows helped Shiba Inu’s price rebound softly to the price of $0.00000726, but the bulls have barely any chance to reclaim dominance unless SHIB sustains above $0.00000800.
The high price correlation with Ethereum (ETH) & stagnant trading volumes have definitely taken their toll on Shiba Inu’s (SHIB) price. On the other hand, SHIB edges parent chain Ethereum (ETH) in a monthly time-frame, still up 3% against Ether’s 9% backdrop.
Other on-chain fundamentals portrayed a contradicting story: right now, Shiba Inu’s (SHIB) price made it to the oversold territory, based on the Relative Strength Index (RSI). Even though the price setup screams ‘under-valued’, largest crypto investors are divided – the Chaikin Money Flow (CMF) is still slightly in the red, hinting at profit-taking still prevalent among crypto whales.
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A single large transaction burned 10.49 million SHIB in 24 hours, spiking the rate 500.68% (Shibburn tracker).
Total burned exceeds 410.75 trillion tokens from the initial 1 quadrillion supply.
Price fell ~3% to $0.00000718–$0.00000728 amid selling pressure, declining whale activity, and low volume.