243 million SHIB burned in the last 24 hours while Shiba Inu price is in free fall
- 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
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
