Shibburn reports that by April 2023, more than 3.26 billion Shiba Inu tokens have been burned in 125 transactions. These numbers are lower than the total number of SHIB burns in March 2023 6.78 billion SHIB tokens burned by 540 transactions.
The SHIB burn process involves sending Shiba Inu (SHIB) tokens to an address known as a “fire address”. This address is a designated address created to hold the tokens to be permanently burned.
The Shiba Inu community conducted these fire transactions to reduce the total supply of SHIB in circulation. In particular, the scarcity of a token causes demand to exceed supply, leading to a rise in price. Ddespite the high number of token burns, the price of SHIB is still falling.
Koyo will retain Top SHIB Burner status from March 2023
Koyo (KYO) maintains its highest SHIB burner status for the second consecutive month, burning a staggering 2.59 billion tokens. It burned 6.15 billion SHIB tokens through multiple transactions in March 2023.
The largest of his burn trades in March was a transfer of 924.15 million SHIB to the dead wallet on March 17. Also, Koyo burned another one 794.85 million tokens on March 28.
Koyo continued its aggressive burn rate in April 2023 and sent 1.10 billion SHIB to the dead wallet on April 9. Also, on April 14, Koyo suffered another massive burn, burning 1.49 billion SHIB Coins.
However, the burns did not affect the value of Shiba Inu as the price of the token is still decreased by more than 2% in the past 24 hours.
The current price drop may be a temporary setback due to the recent downtrend in the market. One thing that could change the trajectory of the price is the Shibarium upgrade, which has yet to be announced.
Shiba Archives said a leading SHIB developer claimed that the Shibarium upgrade would be here before May. However, the developer did not specify the year or provide more information.
Particularly some members of the SHIB community responded to the lower combustion rates in April 2023. A Twitter user, Macguystated that the developers do not want to listen to the SHIB community‘s calls for more burns. Believing the burns are slow and being dragged on on purpose, he announces that he has done his bit by burning 10 million SHIB tokens.
Shiba Inu Price Analysis
SHIB is in a downtrend today, falling below the $0.0000102 support level. It also trades below 50 days and 200 days Simple Moving Averages (SMA)a bearish sentiment for the short and long term.
SHIB’s resistance levels are $0.0000118, $0.000012 and $0.0000113 as it is currently trading at $0.00000996. The Relative Strength Index (RSI) stands at 36.26 and descends into the oversold area of 30.
SHIB is likely to experience further price declines in the coming days. However, the support at $0.00000973 will prove to be critical and may act as price pivot point for recovery.
Featured image from Pixabay and chart from Tradingview