Shiba Inu price: Will SHIB price double with 20 million daily token burn?

Shiba Inu community has taken control of the Shibburn portal and terminated its association with the Ryoshi Vision (RYOSHI) team.
Nearly 20 million Shiba Inu(SHIB) tokens were burnt in the past 24 hours, permanently removing them from circulation.
Analysts believe Shiba Inu is on track to recover and hit a triple bottom support level at $0.00001001.

The Shiba Inu community has assumed control of Shibburn.com, the burn implementation portal for SHIB users. Initially, the Ryoshi Vision (RYOSHI) handled this portal for the Shiba Inu ecosystem. With new developments from SHIB developers and massive token burns, analysts have identified what it would take for the asset to witness a massive breakout.

Also read: Bitcoin price: The slingshot is pulled back, BTC ready to test $16,900?

Shiba Inu runs Shibburn, RYOSHI steps down?

Shiba Inu team announced that it has taken over the SHIB burn portal and terminated its affiliation with the Ryoshi Vision (RYOSHI) team. As per the latest announcement from Shiba Inu developers, the burn portal is an important part of the ecosystem therefore the team will continue to host the portal as a part of ShibaSwap.

The burn portal Shibburn.com will be powered by the internal development team. Additional burn utility mechanics will be introduced for users, similar to the upcoming Shibarium protocol, a Layer 2 blockchain scaling solution aimed at enhancing the workings of Shiba Inu's host chain, Ethereum.

The Shiba Inu team is focused on community outreach activities for the platform in the upcoming weeks as the portal transitions to a fully operational ShibaSwap platform. ShibaSwap will allow users to swap coins without the need for an intermediary such as a traditional crypto exchange like Binance or Kraken.

The Shiba Inu ecosystem is developing a suitable strategy to reward burn portal users, incentivizing burn in more ways than one. Currently, the burnt tokens are sent to a dead wallet address and permanently removed from circulation.

20 million Shiba Inu tokens burnt overnight

Based on data from Shibburn.com, 20 million SHIB tokens were destroyed in the past 24 hours. A massive burn has purged these tokens from the meme coin’s circulating supply with the goal of removing them from circulation permanently. To date 410.38 trillion Shiba Inu tokens have been pulled out of circulation.

41.38% of Shiba Inu supply has been destroyed

Shiba Inu price could recover to the $0.00001060

Ali B, a crypto analyst evaluated the Shiba Inu price chart and identified a triple bottom level in SHIB. Ali believes the SHIB/USD pair is likely to climb towards the $0.00001060 level after gaining support at the base of the triple bottom at $0.00001001.

SHIB-USD price chart

Share: Cryptos feed

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.