- Shiba Inu burn portal reported 243 million SHIB tokens were destroyed overnight, in a total of 54 transactions.
- The Dogecoin-killer’s price continued its downward spiral, hitting its lowest point in seven months.
- Analysts predict further consolidation of Shiba Inu and a drop to the key support level at $0.000011.
Shiba Inu price has hit its lowest point in seven months after multiple consecutive declines. The Shiba Inu burn portal reported the destruction of 243 million SHIB tokens overnight. Despite the burn of Shiba Inu tokens, the Dogecoin-killer’s price has failed to recover from $0.000011.
Shiba Inu price nosedives despite consistent SHIB burn
Shibu Inu price continues to weaken despite the launch of Shiba Inu burn portal on April 25, 2022, leading to a massive burn of SHIB tokens. Overnight, 243 million SHIB tokens were burned based on the Shiba Inu burn portal data. Burning the meme coin, effectively reduces its circulating supply and increases the value of the token.
Three massive chunks of SHIB were burned since Friday morning, 405 million, 311.8 million and 243 million. Despite consistent burn of SHIB tokens, the meme coin has continued its downward spiral. In the recent crypto market bloodbath, Shiba Inu hit its lowest point in seven months.
In the past 24 hours, there have been a total of 243,069,460 $SHIB tokens burned and 54 transactions. Visit https://t.co/t0eRMnhnPL to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) May 9, 2022
After hitting its lowest threshold in seven months, Shiba Inu price marked its steepest fall. SHIB is trading at $0.000016 at the time of writing. Analysts have evaluated the Shiba Inu price trend and predicted a downward trend continuation.
Crispus Nyaga, a crypto analyst and trader, evaluated the daily Shiba Inu price chart and observed a decline below key support at $0.000017. After hitting its lowest level since January 2022, Shiba Inu price plummeted below the descending trendline and slipped below the 78.6% Fibonacci Retracement level.
Nyaga argues Shiba Inu is likely to continue its downward spiral, with the next key support at $0.000011.
SHIBUSD chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.