• 22 billion Shiba Inu tokens were destroyed in 497 transactions, permanently pulling them out of circulation. 
  • The Dogecoin-killer Shiba Inu added 22,000 new holders over the past week, fueling a bullish sentiment among traders. 
  • Analysts have identified bullish potential in Shiba Inu, predicting a reversal in the meme coin’s trend. 

Shiba Inu has witnessed a rise in adoption in the crypto community as the meme coin adds 22,000 new SHIB holders. The Dogecoin-killer continues to face massive SHIB burn, reducing its circulating supply. 

Also read: What’s next for Dogecoin and Shiba Inu after dropping over 80%.

Shiba Inu token burn intensifies, 22 billion SHIB burned

Shiba Inu burn has intensified with the recent 22 billion SHIB destruction over 497 transactions. Based on data from the Shiba Inu burn portal, a total of 410.36 trillion SHIB tokens have been burned. This represents over 41% of Shiba Inu’s total supply. 

The rapid burn of Shiba Inu pulls the burnt tokens out of circulation and reduces the meme coin’s supply. A drop in supply across exchanges is expected to push prices higher. 

Over the past 24 hours, the Shiba Inu burn rate, an indicator used to identify the speed at which the meme coin is being burnt, has increased by 61.46%. 

Shiba Inu burn rate from Shibburn.com

Shiba Inu burn rate from Shibburn.com

Shiba Inu price could break out with this bullish signal

Analysts have evaluated the Shiba Inu price trend and predicted a recovery in the meme coin’s price. Crispus Nyaga, a crypto analyst, noted that the four-hour price chart indicates that Shiba Inu has been in the consolidation phase for the past few days. 

Shiba Inu has found support at $0.000011 and the meme coin has climbed higher since then. Nyaga argues that Shiba Inu price has sustained above a descending trend line, and it could continue its climb. The analyst has a bullish outlook on Shiba Inu and predicted a continuation of the Dogecoin-killer’s uptrend. 

SHIBUSD four-hour chart

SHIBUSD four-hour 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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing chances of one last bear market rally for 2022

Bitcoin Weekly Forecast: Assessing chances of one last bear market rally for 2022

Bitcoin price is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

More Bitcoin News

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price has been following the broader market bullish cues over the last few days sustaining its rise from 48 hours ago. Although the sentiment seems to have shifted slightly, UNI holders can still book profits if the Decentralized Finance (DeFi) token climbs to this level.

More UniSwap news

ATOM price suggests bears are still in control for these reasons

ATOM price suggests bears are still in control for these reasons

Cosmos price is producing a countertrend rally after suffering a steep decline throughout the month. If market conditions persist, ATOM could wipe out newly established bullish positions. Key levels have been defined to gauge ATOM’s next potential move.

More Cosmos news

Cardano Price Prediction: A new yearly low before the bounce

Cardano Price Prediction: A new yearly low before the bounce

Cardano price has suffered a vicious downtrend move throughout November. Ss price consolidates, the technicals suggest a bounce occurs while on-chain metrics hint that investors are considering securing profits sooner than later.

More Cardano news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP