Shibburn reports that over 3.26 billion Shiba Inu tokens were burned in April 2023 across 125 transactions. These figures are lower than the total SHIB burns in March 2023, which was 6.78 billion SHIB tokens burned through 540 transactions.
The SHIB burn process involves sending Shiba Inu (SHIB) tokens to an address known as a “burn address.” This address is a designated address created to hold the tokens to be burned permanently.
The Shiba Inu community carried out these burn transactions to reduce the total supply of SHIB in circulation. Notably, a token’s scarcity sees demand higher than supply leading to a boost in price. Despite the high number of token burns, SHIB’s price is still declining.
Koyo Retains Top SHIB Burner Status From March 2023
Koyo (KYO) retains its top SHIB burner status for a second consecutive month burning a whopping 2.59 billion tokens. It burnt 6.15 billion SHIB tokens in March 2023 through multiple transactions.
The largest of its burn transactions in March was a transfer of 924.15 million SHIB to the dead wallet on March 17. Also, Koyo burned another 794.85 million tokens on March 28.
Koyo continued its aggressive burn rate in April 2023, sending 1.10 billion SHIB to the dead wallet on April 9. Also, Koyo followed up with another massive burn event on April 14, burning 1.49 billion SHIB tokens.
However, the burns didn’t affect Shiba Inu’s value as the token’s price is still down by over 2% in the last 24 hours.
The current price slump could be a temporary pullback due to the recent market downtrend. One thing that could change the trajectory of the price is the Shibarium upgrade, which is yet to be announced.
Shiba Archives said a top SHIB developer claimed the Shibarium upgrade would be here before May. However, the developer did not specify the year or give further information.
Notably, some SHIB community members reacted to the reduced burn rates in April 2023. A Twitter user, Macguy, stated that the developers don’t want to listen to the SHIB community‘s calls for more burns. He believes the burns are slow and dragged on purpose, announcing that he did his part by burning 10 million SHIB tokens.
Shiba Inu Price Analysis
SHIB is in a downtrend today, dropping below its support level of $0.0000102. Also, it is trading below its 50-day and 200-day Simple Moving Averages (SMA), a bearish sentiment for the short and long term.
SHIB’s resistance levels are $0.0000118, $0.000012, and $0.0000113 as it is currently trading at $0.00000996. The Relative Strength Index (RSI) is at 36.26 and descending into the oversold region of 30.
SHIB will likely experience further price decline in the coming days. However, the $0.00000973 support will prove critical and can act as a price pivot for a recovery.
Featured image from Pixabay and chart from Tradingview
Source: https://www.newsbtc.com/shiba-inu/shiba-inu-community-destroys-3-26-billion-shib-in-april/