- Shiba Inu price breaks out of downtrend, analysts predict a quick move higher in the Dogecoin-killer meme coin.
- 1.02 billion Shiba Inu tokens sent to dead addresses and pulled out of circulation since March 22, 2022.
- NOWPayments, a non-custodial payments processor, has introduced a feature for merchants to burn a percentage of profits in Shiba Inu.
Shiba Inu price could recover from the recent drop in price as the community and merchants send SHIB to the burn pot. Over 1.02 billion SHIB tokens were burnt in a 24-hour period on March 22, 2022.
Also read: AMC stock sees further weakness in premarket
Shiba Inu price primed for a big move
Shiba Inu price has posted 8% gains over the past week, as the supply of the meme coin under circulation continues to shrink. Within 24 hours on March 22, 2022 over 1.02 billion SHIB tokens were sent to dead wallets and pulled out of circulation.
An additional 244.5 million Shiba Inu tokens were sent to the mid-April burn pot, further reducing the meme coin supply. NOWPayments, a cryptocurrency payment gateway, has introduced a new feature to allow merchants to burn a portion of their profits in Shiba Inu.
Merchants using the payment gateway can choose a percentage markup for burning tokens; once NOWPayments calculates the specific amount of Shiba Inu tokens, they are automatically sent to a dead wallet.
The Shiba Inu tokens that were pulled out of circulation are sent to “inferno” wallets, as a commitment to reduce the SHIB supply in circulation and increase the value of the circulating supply.
Over 411 transactions, over 1.02 billion SHIB tokens were destroyed, the equivalent of $24,296. A total of 410 trillion Shiba Inu tokens, worth $9.6 billion have been burned till date.
Analysts have evaluated the Shiba Inu price trend and predicted a breakout in the meme coin. FXStreet analysts predict a 30% spike in Shiba Inu price, though the meme coin lags behind. Analysts note that the Shiba Inu price chart reveals that the Dogecoin-killer is ready to test $0.000026. As the Ichimoku cloud ahead is thin, analysts argue there is not a lot of resistance ahead, and Shiba Inu could break into an uptrend.
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
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
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.