Shiba Inu Records Massive Token Burn in May as Adoption Rate Increases

Updated:

According to recent reports from Shibburn, over 22,200,398,699 Shiba Inu (SHIB) have been permanently deleted from the circulating supply over the past week alone. Notably, over 500 million tokens have been burned in the last 24 hours alone. This massive burn came about by varying initiatives within the SHIB community.

This report sparked some excitement in the community, prompting the meme token to jump by about 10% within a few hours this morning. However, Shiba Inu has since erased over half of this gain.

The Shibburn report revealed that it took about 500 transactions to move the +22 billion tokens into dead wallets. The analytics platform later revealed on Twitter that 667.2 million SHIB tokens got burned in the last 24 hours alone. At press time, this figure stands at 699.3 million, a whopping 50.32% 24-hour increase.

This aggressive burning trend comes despite the recent crash recorded across the crypto industry, which sent Shiba Inu further away from its all-time high of $0.000088.

Additional data show that SHIB has added a significant amount of new wallets in May. Reports indicate that the Shiba Inu network welcomed over 28,000 new addresses in May, sending SHIB wallets from 1,139,000 in April to 1,167,079 today.

Key Shiba Inu Levels to Watch — May 23

SHIB remained restricted within a range on Monday, despite a broader recovery in the crypto market over the weekend. As mentioned earlier, SHIB posted a 10% spike in the early Asian session on Monday but failed to preserve this rally and has retraced near the $0.0000120 support.

SHIBUSD – 4-Hour Chart on Binance. Source: TradingView.

The 4-hour stochastic indicator shows that the cryptocurrency is easing out of overheated conditions, proposing a bearish continuation to the range base at $0.0000115 in the coming days. However, a return above the $0.0000130 top would put the price above the long-prevailing bearish trendline and the range area, prompting a return to the $0.0000150 zone.

Meanwhile, my resistance levels are $0.0000150, $0.0000170, and $0.0000180, and my support levels are $0.0000120, $0.0000100, and $0.0000900.

Total Market Capitalization: $1.31 trillion

Shiba Inu Market Capitalization: $6.76 billion

Shiba Inu Dominance: 0.51%

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.