- Shiba Inu burn portal revealed a burn of 410.3 trillion SHIB tokens, of which 226 million were burned overnight.
- SHIB added 30,000 new holders, as the Dogecoin-killer’s token burn continued, reducing its circulating supply.
- Analysts have a negative outlook on Shiba Inu for the near term, as selling pressure on the Dogecoin-killer increases.
Dogecoin-killer Shiba Inu has witnessed a spike in the number of holders of SHIB tokens after s spike in its burn rate. Despite the rising on-chain activity on SHIB, analysts are bearish on the meme coin price.
Shiba Inu adds 30,000 new holders
Shiba-Inu-themed meme coin SHIB has added 30,000 new holders within the past month. Shiba Inu burn rate has climbed consistently, hitting 171% level within the past 24 hours. According to data from Shibburn portal, 203.4 million Shiba Inu tokens were burned overnight.
410.3 trillion Shiba Inu tokens have been burned so far, reducing the meme coin’s circulating supply drastically.
Shibburn portal
Despite a reduction in Shiba Inu price, there is a spike in its burn rate and number of holders. In the past 24 hours, Ethereum whales have accumulated $1.53 million worth of Shiba Inu tokens.
Merchants in the Shiba Inu community have come up with new ways of burning SHIB. The ShibSuperStore has been accepted in the Amazon affiliate program, therefore, on every purchase, there is a burn of 1% to 20% of the price, in SHIB.
***NEW WAYTO BURN SHIB***https://t.co/d0goxr6sys has been accepted into the Amazon affiliate program!
— SHIB Super Store (@shib_superstore) May 26, 2022
Use the Amazon link on the front page!
You can buy literally anything! By using the link provided, depending on item, between 1% and 20% of purchase price will be burned! pic.twitter.com/mrU0jxM97N
Shiba Inu price could plummet in the long term
Shiba Inu has 1,169 million token holders on the Ethereum blockchain. More Ethereum holders have joined the Shiba Inu network over the past month. Analysts evaluated the Shiba Inu price trend and predicted a rise in selling pressure.
Analysts have identified s descending triangle formation in the Shiba Inu price chart. A sustained push from bears could trigger a downtrend in Shiba Inu. Antonio Smith, leading crypto analyst has identified $0.000015 as the resistance for Shiba Inu price.
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
Shiba Inu eyes positive returns in April as SHIB price inches towards $0.000015
Shiba Inu's on-chain metrics reveal robust adoption, as addresses with balances surge to 1.4 million. Shiba Inu's returns stand at a solid 14.4% so far in April, poised to snap a three-month bearish trend from earlier this year.
AI tokens TAO, FET, AI16Z surge despite NVIDIA excluding crypto-related projects from its Inception program
AI tokens, including Bittensor and Artificial Superintelligence Alliance, climbed this week, with ai16z still extending gains at the time of writing on Friday. The uptick in prices of AI tokens reflects a broader bullish sentiment across the cryptocurrency market.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week. This week’s rally was supported by strong institutional demand, as US spot ETFs recorded a total inflow of $2.68 billion until Thursday.
XRP price could renew 25% breakout bid on surging institutional and retail adoption
Ripple price consolidates, trading at $2.18 at the time of writing on Friday, following mid-week gains to $2.30. The rejection from this weekly high led to the price of XRP dropping to the previous day’s low at $2.11, followed by a minor reversal.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.