The Shiba Inu event raised the bar with a 26,000% increase in 24-hour burn rate

Shiba Inu ‘Burns’ Heads For More In 2023 whale addresses Take part in the event. Notably, the Shiba Inu community massively burned 3.03 billion SHIB tokens in 24 hours. The Blaze token currently leads as the top burner on the network. This record burn took place in two separate transactions.

The purpose of the burning mechanism is to remove excess tokens from circulation, thereby reducing scarcity and increasing the value of SHIB.

Mysterious wallet burns SHIB

An anonymous wallet that had been inactive for over a year suddenly became active and burned its entire holding of SHIB tokens. these were tokens 18.23 millionWith burning happening in a single transaction. The recent spurt in burn activity over the past 24 hours pushed the overall Shiba Inu burn rate to over 26,450.21%.

🔥 18,236,152 $shib -> Transferred to dead wallet.

— Shibburn (@shibburn) May 15, 2023

Furthermore, Blaze Token, a new project in the crypto space, transferred over 3 billion SHIB to a dead wallet in a single transaction. This is the largest burn this year and adds to Blaze’s overall burn contribution to the network.

Blaze, a token that launched on May 2, has done three massive burn transactions, burning a total of 6.71 billion SHIB.

shiba inu price today

SHIB is currently in a sideways trend after finding a consolidation point after its recent downtrend. The smaller candles on the daily chart indicate limited trading activity, as its trading volume is down by 10.88% today.

SHIB has declined below its 50-day and 200-day simple moving averages (SMA), which is a bearish signal in the short and long term. The 50-day SMA broke below the 200-day SMA on May 11, 2023, forming a death cross on the charts, reflecting bearish pressure.

Also, the Relative Strength Index (RSI) is at 30.04, which is in the oversold zone. However, the indicator is moving sideways, which shows the current trend on the price chart.

The moving average convergence/divergence (MACD) of SHIB is below its signal line and showing a negative value, which is a bearish signal.

However, the histogram bars are fading, suggesting the possibility of a further trend reversal for the asset. SHIB bounced off the $0.00000868 support and is trying to recover to the $0.00000989 resistance.

The ups and downs in the market are evenly matched, resulting in a sideways trend. However, a break above the $0.00000989 resistance would see SHIB text the next resistance level at $0.00001019.

Despite the bearish sentiment of the indicators, SHIB is in the oversold zone, and buyers may soon re-enter the market to force a rally.

If the $0.00000868 support holds, expect price growth in the coming weeks. However, a drop below this level will take the asset towards the $0.00000800 support.

Featured image from Pixabay and Chart from TradingView.com