Shiba Inu Records 436 Million Burned Tokens in One Week as Activities Pick Up

Updated:

Reports show that over 436 million Shiba Inu (SHIB) tokens have been “deleted” from the circulating supply in the last seven days, with 19.46 million SHIB burned within the past 24 hours.

The announcement came from the official Twitter handle of Shibburn, which noted that 436,364,849 tokens had been sent to a dumping wallet after eighty transactions.

This highlighted a jaw-dropping 286% increase in token burning over the last seven days, compared to the week before, which saw the burning of only 152,439,298 tokens. This means that more community projects are opting to burn SHIB tokens as the days proceed.

Shibburn also revealed that 19,464,019 SHIB tokens had been burned within the last 24 hours through 11 transactions. This burn rate was 9.86% higher than the one recorded in the previous day (March 5), which recorded 17,723,856 token burns in 13 transactions.

In total, a whopping 410,303,727,377,104 (worth $9.3 billion using the current exchange rate) SHIB has been permanently removed from the circulating supply of SHIB tokens. Also, Shibburn reported that 36,897,845,252,681 tokens have been staked by holders on Shibaswap.

That said, analysts believe that Shiba Inu could retake its all-time high if the current burning momentum is preserved and the SHIB ecosystem continues to grow at the current pace.

Key Shiba Inu Levels to Watch — March 7

SHIB suffered a steep decline from the $0.0000286 top on March 1 to the $0.0000230 low last Friday, as the markets swayed to the impact of macroeconomic factors. The meme coin later staged a bullish come-back to the $0.0000250 resistance, but, alas, it was only a bull trap as it fell to the $0.0000226 low.

SHIBUSDT 2022 03 07 19 04 46.png
SHIBUSD – 4-Hour Chart on Binance. Source: TradingView

SHIB has since battled with this support and currently fixes for a rebound higher. Notably, the rebound appears to align with my ascending trendline as the $0.0000250 resistance area comes into focus.

Meanwhile, my resistance levels are $0.0000250, $0.0000260, and $0.0000275, and my support levels are $0.0000225, $0.0000220, and $0.0000200.

Total Market Capitalization: $1.72 trillion

Shiba Inu Market Capitalization: $12.6 billion

Shiba Inu Dominance: 0.73%

Market Rank: #15

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.