Shiba Inu Price At Pivotal Point, Only 352 Million SHIB Burned In February
March 01 2023 - 9:15AM
NEWSBTC
Just like the broader crypto market, the Shiba Inu (SHIB) price is
currently at a crucial turning point from a technical chart
analysis. In addition, the SHIB burn rate in February has fallen
short of expectations, which is likely to reinforce bearish
sentiment. SHIB Burn Rate Turns Out Extremely Low In February The
Twitter account of the SHIB Burn tracker “Shibburn” today shared
the final count of all Shiba Inu coins that were destroyed in the
past month of February. A total of 352,210,738 (approximately
352.21 million) SHIB were burned through 128 separate transactions
by the community-led burn initiatives. Compared to the previous
month of January, this represents a significant decrease in both
the number of burn transactions and the total amount of SHIB
destroyed. In January, approximately 1.12 billion were burned
forever in 223 transactions. This negative trend is confirmed by
last year’s data. In December 2022, 2.072 billion SHIB were burned
in 349 transactions; in November, 1.922 billion SHIB were burned in
381 transactions; in October, 9.05 billion SHIB were burned in
2,433 transactions; and in September, 1.743 billion SHIB were
burned in 382 transactions. Related Reading: Shiba Inu Based BONE
Poised For New All-Time High? Here’s Why These figures show that
February was extremely weak in terms of burn rate, especially since
not even the earlier figures are enough to massively reduce the
circulation of all SHIB within the next few years. The Shiba Inu
community continues to regulate the supply of Shiba Inu through
strategic burns and stakes. Of the original supply of 1 quadrillion
SHIB, 410.376 trillion SHIB have already been burned, with Ethereum
co-founder Vitalik Buterin being solely responsible for 410
trillion SHIB. If Shiba Inu is to reach the “magical” value of $1
each, the burn rate will have to be ramped up tremendously. At the
current supply, Shiba Inu would need an astronomical market
capitalization of over $500 trillion, more than the GDP of all the
countries in the world combined, to reach this value. Related
Reading: Shiba Inu Jumps 4% As Lead Dev Answers ‘When Shibarium’
This is another reason why the SHIB community nurtures high hopes
regarding Shibarium. With the launch of Shibarium, new burn
mechanisms could emerge to burn more SHIB, reducing the total
amount and increasing the price per token. Shiba Inu Price Is at
Critical Level In the 1-day chart, SHIB is also facing a critical
inflection point. The first reason for this is that the Shiba Inu
price barely holds above key support at $0.000012. Yesterday, SHIB
managed to close above this pivotal support on the 1-day chart. At
the time of writing, SHIB was at $0.00001234. On the other hand,
SHIB is approaching the 200 Exponential Moving Average (EMA) again
on the daily chart. This is considered an indicator of long-term
trends. If the price breaks below the 200 day EMA again, this could
be a technical signal for a bearish trend reversal. Contrary, in
case of a bounce to the upside, the SHIB price could target the
price level at $0.00001382. Featured image from Wallpapersden,
Chart from TradingView.com
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