Shiba Inu Burns Continues as Coinbase Burns 200M SHIB

Recently, there has been a minor decline in the magnitude of Shiba Inu Burns. For instance, over 2,915,482,121 SHIB tokens were burned within the past week. The same shows a drop of 51.48%. However, there has been a slight improvement over the last day, as the rate has increased by 1447.70%. Over the previous day, quite a few significant burns have occurred. One took place 13 hours ago and involved a 200 million burn.

Source: Shibburn

“Coinbase 10” was shown on-chain in the public name tag linked to the from address. The wallet made one significant transaction, transferring 200,583,666 SHIB to a dead wallet. Over the previous day, numerous other transactions occurred. Between 727k and 16.3 million tokens were burned.

Seeing the deal involving the second-highest number of tokens was especially interesting. A wallet that had been sleeping for over two years—520 days, to be exact—suddenly awoke and burned all its assets in a single transaction. The wallet’s contents were only worth $3.17 at publication.

Source: Etherscan.io

Shiba Inu Burns Has Little Impact on the Price

Despite the burns, the Shiba Inu’s price has remained the same. Shiba Inu’s circulating supply has not changed since June of last year, as stated in a recent article, subtly demonstrating why SHIB burns have a minuscule effect on the asset’s price.

Shiba Inu barely changed direction yesterday, dipping 0.1%. SHIB was trading at $0.000008808 on Monday, May 29. According to a recent article, there is currently some room for SHIB’s price to increase slightly. The only significant resistance is $0.000009. That is the average price at which 24.38k addresses purchased 23.2 trillion SHIB coins.

Therefore, SHIB could experience a transient rise and gradually tilt to the aforementioned average purchase price over the short term if the purchasing pressure picks up steam and the broader market conditions favor it.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.