According to the Shibburn blockchain tracking tool, the famed memecoin’s burn rate increased by 130 percent in the last 24 hours, with users burning 130 percent more tokens than usual. The service’s Twitter account offered some intriguing statistics.
Since the launch of the Shiba Inu crypto card, we have seen a surge in the amount of burned Shiba Inu tokens, with users burning up to 1 billion Shiba Inu tokens per day, significantly reducing supply, which is one of the primary prerequisites for SHIB to have a chance for a market turnaround.
We noticed a relatively low quantity of burned Shiba Inu tokens today due to the weekend, as users pulled approximately 500 million tokens from circulation in the last 24 hours. Despite being less than one billion SHIB, the overall amount of burned tokens today is above typical.
Price performance of Shiba Inus
Shiba Inu has been moving in a flag formation for the previous 44 days, with occasional unsuccessful attempts to break up the upper border of the pattern due to SHIB bulls’ lack of purchasing power.
The pattern usually indicates that the assets are consolidating and will soon experience a rise in volatility, which will define their market movement for the following few weeks or even months.
Given that Shiba Inu has been in a steep downturn for the last few months, the development of the pattern should be seen positively for the cryptocurrency, as it now displays technical potential for a reversal.
Shiba Inu is currently trading at $0.000011 and has had a completely neutral price performance in the previous 24 hours, with no gains or losses.