Shiba Inu Community Destroys 35 Million SHIB, Will It Shift The Momentum?

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The Shiba Inu community continues its burn spree, with approximately 35 million SHIB burned in one day. According to the update from Shibburn, 25 million of the total burned tokens came from a single wallet.

The community has consistently been burning Shiba Inu, and billions of tokens have entered the dead wallets. The burn initiative is to reduce the meme coin’s circulation and possibly boost its price.

Active Shiba Inu Addresses Increase

An April 12 update from the SHIB burn tracker, Shibburn, noted that 34,924,913 Shiba Inu tokens entered the dead wallets in 3 transactions. The largest of the three burn transactions came from a Coinbase-linked wallet called Coinbase 10.

On-chain data shows the wallet transferred 25,313,097 SHIB, worth about 25.31 million, to the dead wallets in a single transaction. Following this development, Shiba Inu burn rates spiked by 1,108% against the previous day’s 2.3 billion SHIB tokens burned.

Over the past seven days, the Shiba Inu community has burned approximately 1.27 billion SHIB tokens, with the debut token Koyo (KOY) executing the highest. According to reports, Koyo (KOY) initiated an incredibly massive burn transaction on April 9, wiping 1.10 billion SHIB tokens from circulation.

The massive spike in burn rate has yielded positive results for the Shiba Inu community as the number of active SHIB holders increased.

At press time, approximately 1.28 million unique wallet addresses hold Shiba Inu tokens. And the community expects this to increase further to 1.3 million in no time.

SHIB Price Outlook Amid New Community Developments

Meanwhile, the Shiba Inu community is still pursuing more ecosystem developments. The developers of Shiba Inu’s metaverse project have released an update regarding the progress of their endeavor. 

The team unveiled its developmental goals while announcing a new Twitter handle dedicated to increasing the project’s awareness in the crypto community.

Shiba Inu Community Destroys 35M SHIB, Will It Shift The Momentum?

SHIB is trading in a downtrend below yesterday’s closing price of $0.00001106. The asset has formed a red candle with a long lower wick on the daily chart today, reflecting the selling pressure in the market.

It is trading below its 50-day Simple Moving Average (SMA), a short-term bearish sentiment. However, it is still above its 200-day SMA but is descending and might drop below the indicator.

SHIB is currently in a bearish phase. A short-term decline for the asset may occur before it rallies again if the bulls gain the upper hand.

At press time, Shiba Inu’s price has declined by 1.27% and trades at $0.000014, with a 24-hour trading volume of $195 billion.

Featured image from Pixabay and chart from Tradingview.com

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