- Shiba Inu community has taken control of the Shibburn portal and terminated its association with the Ryoshi Vision (RYOSHI) team.
- Nearly 20 million Shiba Inu(SHIB) tokens were burnt in the past 24 hours, permanently removing them from circulation.
- Analysts believe Shiba Inu is on track to recover and hit a triple bottom support level at $0.00001001.
The Shiba Inu community has assumed control of Shibburn.com, the burn implementation portal for SHIB users. Initially, the Ryoshi Vision (RYOSHI) handled this portal for the Shiba Inu ecosystem. With new developments from SHIB developers and massive token burns, analysts have identified what it would take for the asset to witness a massive breakout.
Also read: Bitcoin price: The slingshot is pulled back, BTC ready to test $16,900?
Shiba Inu runs Shibburn, RYOSHI steps down?
Shiba Inu team announced that it has taken over the SHIB burn portal and terminated its affiliation with the Ryoshi Vision (RYOSHI) team. As per the latest announcement from Shiba Inu developers, the burn portal is an important part of the ecosystem therefore the team will continue to host the portal as a part of ShibaSwap.
The burn portal Shibburn.com will be powered by the internal development team. Additional burn utility mechanics will be introduced for users, similar to the upcoming Shibarium protocol, a Layer 2 blockchain scaling solution aimed at enhancing the workings of Shiba Inu's host chain, Ethereum.
The Shiba Inu team is focused on community outreach activities for the platform in the upcoming weeks as the portal transitions to a fully operational ShibaSwap platform. ShibaSwap will allow users to swap coins without the need for an intermediary such as a traditional crypto exchange like Binance or Kraken.
The Shiba Inu ecosystem is developing a suitable strategy to reward burn portal users, incentivizing burn in more ways than one. Currently, the burnt tokens are sent to a dead wallet address and permanently removed from circulation.
20 million Shiba Inu tokens burnt overnight
Based on data from Shibburn.com, 20 million SHIB tokens were destroyed in the past 24 hours. A massive burn has purged these tokens from the meme coin’s circulating supply with the goal of removing them from circulation permanently. To date 410.38 trillion Shiba Inu tokens have been pulled out of circulation.
41.38% of Shiba Inu supply has been destroyed
Shiba Inu price could recover to the $0.00001060
Ali B, a crypto analyst evaluated the Shiba Inu price chart and identified a triple bottom level in SHIB. Ali believes the SHIB/USD pair is likely to climb towards the $0.00001060 level after gaining support at the base of the triple bottom at $0.00001001.
SHIB-USD price 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
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.