Shiba Inu burn rate skyrocketed by more than 7000% in the past day while prices remained stagnant.
Shiba Inu community burned the 1 billion tokens to celebrate the launch of the ShibTorch V2.
ShibaTorch has burned a massive 361,982,586 SHIB worth $361.98 million since its debut in August 2024.
Shiba Inu , the second-largest meme coin by market capitalization, saw a monumental 7,240% surge in its burn rate in the past 24 hours with a significant 1.1 billion tokens burned. The skyrocketing burn rates can create bullish conditions for the altcoin as the demand remains the same but supply continues to decrease.
The from Shibburrn confirms the 7,000% surge in the past day with a total of 410 trillion tokens being burned so far. Also, almost 5 trillion SHIB tokens have been staked. It is important to note that the 1 billion tokens were burned to the debut of ShibTorch V2, a better version of the Shiba Inu burn portal that has been created to streamline the process of SHIB token burns.
Additionally, this portal has now also been named as a part of the rapidly growing Shiba Inu Operating System (Shib OS). The recent upgrades to the burn portal provide significant advantages, including better security and community engagement. The first version of the Shiba Inu burn portal was introduced in August 2024, and the second came almost six months later.
Interestingly, ShibTorch has burned a whopping 361,982,586 SHIB ($361.98 million) since it was launched in August. However, this is only a small percentage (0.0000881285%) of the total tokens that have been burned so far.
ShibTorch V2 is available via the Shib.io platform, where any user can burn SHIB once a smart contract validates that they have the pre-determined required number of BONE tokens gained via the Shibarium base fee. The ecosystem’s lead developer, Shytoshi Kusama, also the burn in a post on X (formerly Twitter).
Shiba Inu (SHIB) Price Analysis
At the time of writing, Shiba Inu is trading at $0.00001871, up a modest 0.22% in the past 24 hours. The cryptocurrency has crashed around 8% in the past week and is down 78.84% from its all-time high of $0.00008845. Further, the MACD indicator on the daily chart below confirms that the bears are currently in control of the SHIB price action.
The MACD histogram is red, but the MACD line (blue) and the signal line (red) are coming very close to each other, indicating increasing possibilities of a bullish divergence in the near future.
Source: TradingView
The RSI indicator, on the other hand, reads a value of 38.16, which means that the bears are overall in control of the Shiba Inu price action. However, the gradient of the line suggests that bulls are attempting to retest at $0.000020.