The Shiba Inu community burned down 15 billion SHIB tokens in May 2023, demonstrating their commitment to reducing circulating supply. The intent of such burns is to reduce the overall supply of the coin from the market
Blaze Token is the best SHIB burner of the month, with MARSWAP (MSWAP) and Coinbase 10 being the best. According to Shibburn15.36 billion SHIB, were burned in 191 transactions in May 2023.
Top SHIB burners
Blaze Token emerged as the best SHIB burner for May 2023, with the largest burn performed on May 29, given more than 3.60 billion SHIB tokens sent to the dead wallet. Also, the Blaze token burned 2 billion SHIB on May 2, 1.69 billion SHIB on May 8, and 1.23 billion SHIB on May 22.
A new crypto project, MARSWAP, ranks second on the list of SHIB burners. The crypto project launched on ShibSwap DEX burned 1.35 billion SHIB in 100 transactions on May 24.
In addition, a Coinbase-affiliated wallet tagged Coinbase 10 contributed 200.58 million SHIB burns to the total number of burns on the network. However, the increased burn rate did not affect the price of Shiba Inu as it still shows volatility.
SHIB price prediction
SHIB is trading in a downtrend today, forming a fourth straight red candle on the daily chart as it forms lower lows. It trades below 50 days and 200 days Simple Moving Averages (SMA)short and long term bearish sentiment.
Also be Relative Strength Index (RSI) is 35.64, close to the oversold area of 30. This also confirms bearish sentiment as the indicator moves down.
SHIBs Moving Average Convergence/Divergence (MACD) above its signal line but shows a negative value, and the histogram bars fade, indicating a bearish trend. These indicators imply that SHIB is likely to remain in the bearish phase until the bulls rally again. SHIB is approaching 38.2% Fibonacci level ($0.00000839), the closest support level.
If SHIB fails to break below that support level, it can hopefully rise to the 23.6% Fib level ($0.00000869), the closest resistance level. A move above the $0.00000869 resistance level means a price recovery for SHIB.
Shiba Inu claims security rating, a plus for its network
Shiba Inu claimed the highest security rating on the list of blockchain security audit firm CertiK. Earlier, the company downgraded Shiba Inu’s rating from AAA to AA, a second-tier rating. Shiba Inu reclaimed the highest security (AAA score of 94 out of 100), which was the previous level of security.
CertiK also organized a Ask-me-everything (AMA) session on Twitter spaces to respond to community questions. The focus of the discussion bordered on the upcoming Shibarium mainnet, security assessments, and network tokenomics.
Featured image from Pixabay and chart from TradingView
