Shibburn, the burning portal for the popular meme coin Shiba Inu (SHIB), announced that 2.8 billion tokens were burned the previous day. Meanwhile, the Shiba Inu is on the verge of a breakout, according to a crypto analyst.
Over 2.8 billion SHIB burned in one day
The Shibburn Twitter account announced the burning of huge amounts of Shiba Inu (SHIB), such as 2.8 billion tokens, the previous day. According to Shibburn, 12 transactions have taken place in the last 24 hours and 1,524,520,814 have been sent to SHIB burn wallets.
According to their statement a few hours ago, more than 1.3 billion tokens have been moved to a dead wallet.
The Shiba Inu cremation campaign reported that several transactions totaling millions of SHIB were burned during the specified period. A significant incineration involving a total of 1.49 billion SHIB (1,494,278,561 SHIB) was reported on 14 April. It is noteworthy that this amount was transferred to a dead wallet. Another remarkable incineration was the immediate dispatch of 16.7 million SHIB (16,712,083 SHIB) to the incineration address.
A total of 1 quadrillion or 1,000,000,000,000 tokens were initially available for the Shiba Inu. The entire amount burned after the first supply is 410,632,927,829.053 SHIB. However, the law of supply and demand: supply does not seem to be less stimulated than demand. Because the current price hasn’t changed much. At the time of writing, the altcoin was slightly down from the previous 24 hours and was trading at $0.00001129.
“SHIB price is on the verge of major breakout”
cryptocoin.comAs you follow, Shiba Inu has been in a consolidation phase over the past month, although the broader crypto market has recorded occasional gains. However, some analysts believe that this period is coming to an end and the asset will experience a break on the horizon. Crypto Rand, a crypto analyst and trader, highlighted a pattern observed on the daily chart of Shiba Inu, “Eyes on SHIB, looking for an exit!” said.
The chart shows a descending wedge into which SHIB repeatedly falls. Each time SHIB reaches the bottom of the descending wedge, its price experiences a significant increase. This pattern was observed in October 2022, when the asset reached a high of $0.00001488 before the November drop due to FTX. Another example occurred in December 2022, which led to a rally and a high of $0.00001527 on February 5 this year. As SHIB has once again reached the bottom of the wedge, Crypto Rand believes another rally is imminent.
Shibarium anniversary and whale selling spree
As Shibarium’s one-month anniversary approaches, the price of the Shiba Inu has dropped, contrary to the expectations of the community, who were expecting a spike following the launch of the platform. Analysts predict that the upcoming launch of SHIB: The Metaverse could benefit the Shiba Inu.
Data from Etherscan.io shows that the 29th largest Shiba Inu whale has sold 538 billion tokens worth $6.07 million in five major transactions in the past twelve days. The whale began its sales on April 2 with a transaction of 200 billion SHIB worth $2.25 million. Then 100 billion tokens ($1.12 million) on April 5, 88 billion tokens ($993,520) on April 7, 72 billion tokens ($812.880) on April 11, and finally 78 billion tokens the day before ($880,620) sold.
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