Through Shibburn, 22 billion Shiba Inu tokens were destroyed in 497 transactions and permanently withdrawn from circulation. Dogecoin killer Shiba Inu gained 22,000 new holders last week, fueling bullish sentiment among traders. Analysts identifying bullish potential in the Shiba Inu are predicting a reversal in the meme coin’s trend.
Shiba Inu token burning intensifies: 22 billion SHIB burned
Popular meme coin Shiba Inu has witnessed a surge in adoption in the crypto community as it added 22,000 new SHIB holders. Also, the Dogecoin killer continues to face massive SHIB burn by reducing its circulating supply. As we reported as
Kriptokoin.com, SHIB burn intensified with the last 22 billion SHIB destroyed over 497 transactions. Based on data from the SHIB burn portal, a total of 410.36 trillion SHIB tokens have been burned. This represents over 41% of the Shiba Inu’s total supply.
Shiba Inu’s rapid burn draws burnt tokens from circulation and reduces the supply of meme coin. Experts expect the decrease in supply among exchanges to push prices higher. In the last 24 hours, the SHIB burn rate, an indicator used to determine the burning rate of the meme coin, has increased by 61.46%.
SHIB burn rate / Source: Shibburn SHIB price may explode with this bullish signal
Analysts assessing the popular meme coin Shiba Inu price trend, a recovery in SHIB price predicts. Crypto analyst Crispus Nyaga states that the four-hour price chart shows that the Shiba Inu has been in a consolidation phase for the past few days.
Shiba Inu found support at $0.000011 and the breast money has risen since then. Crispus Nyaga argues that SHIB price remains above a descending trendline and may continue to rise. The analyst has a bullish outlook for the Shiba Inu and predicts that the Dogecoin killer uptrend will continue.
SHIB price four-hour chart At the time of writing, SHIB, which is in 16th place in terms of market capitalization according to CoinMarketCap data, was trading at $0.00001186. Currently, the meme coin is about 87% off the ATH level of $0.00008845.
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