Shiba Inu enthusiasts are committed to controlling its price action by reducing the number of tokens in circulation through burn events. Recent data from Shibburn.com indicates that in the past seven days, 3.05 billion SHIB were burned, an increase of 75% from the previous week. Blaze token has become the top-ranked SHIB burner since its launch, having destroyed over 3 billion SHIB in a single transaction on May 16, 2023. A mysterious wallet also burnt 18.23 million SHIB tokens on May 16, breaking records within the ecosystem. So far, the Shiba Inu community has burned over 410.6 billion SHIB, with over 574.30 trillion still in circulation. The Shibarium upgrade seeks to regulate the supply of tokens through a burning mechanism to increase the value of SHIB tokens.
SHIB is experiencing volatility following a recent price drop and a death cross on May 10, 2023. Although the SMAs suggest a bearish sentiment in the short and long term, SHIB’s RSI is in the neutral zone, moving upwards, indicating a bullish recovery for the asset. Similarly, its MACD is above its signal line with bullish histogram bars, suggesting a bullish crypto market atmosphere, and SHIB is close to reclaiming its $0.00000884 resistance level. However, there are no guarantees.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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