243 million SHIB burned in the last 24 hours while Shiba Inu price is in free fall


  • Shiba Inu burn portal reported 243 million SHIB tokens were destroyed overnight, in a total of 54 transactions. 
  • The Dogecoin-killer’s price continued its downward spiral, hitting its lowest point in seven months. 
  • Analysts predict further consolidation of Shiba Inu and a drop to the key support level at $0.000011. 

Shiba Inu price has hit its lowest point in seven months after multiple consecutive declines. The Shiba Inu burn portal reported the destruction of 243 million SHIB tokens overnight. Despite the burn of Shiba Inu tokens, the Dogecoin-killer’s price has failed to recover from $0.000011. 

Shiba Inu price nosedives despite consistent SHIB burn 

Shibu Inu price continues to weaken despite the launch of Shiba Inu burn portal on April 25, 2022, leading to a massive burn of SHIB tokens. Overnight, 243 million SHIB tokens were burned based on the Shiba Inu burn portal data. Burning the meme coin, effectively reduces its circulating supply and increases the value of the token. 

Three massive chunks of SHIB were burned since Friday morning, 405 million, 311.8 million and 243 million. Despite consistent burn of SHIB tokens, the meme coin has continued its downward spiral. In the recent crypto market bloodbath, Shiba Inu hit its lowest point in seven months. 

After hitting its lowest threshold in seven months, Shiba Inu price marked its steepest fall. SHIB is trading at $0.000016 at the time of writing. Analysts have evaluated the Shiba Inu price trend and predicted a downward trend continuation. 

Crispus Nyaga, a crypto analyst and trader, evaluated the daily Shiba Inu price chart and observed a decline below key support at $0.000017. After hitting its lowest level since January 2022, Shiba Inu price plummeted below the descending trendline and slipped below the 78.6% Fibonacci Retracement level. 

Nyaga argues Shiba Inu is likely to continue its downward spiral, with the next key support at $0.000011. 

SHIBUSD price chart

SHIBUSD 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.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.

More Bitcoin News
Crypto markets brace for volatility in tight race between Trump and Harris

Crypto markets brace for volatility in tight race between Trump and Harris

The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets. 

More Cryptocurrencies News
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP