Against the backdrop of a weekly price correction witnessed by Shiba Inu (SHIB), the meme coin’s community appears to have recorded the destruction of a whopping 175 million tokens, instilling a ray of hope on the meme coin despite its downside momentum. Per insights revealed by the token’s burn tracker, 174.93 million SHIB tokens, to be precise, have been noted to be burnt over the past week.

The colossal amount of tokens removed from SHIB’s market supply resulted in a 281% surge in the weekly burn rate, which appears to have prevented the dog-themed meme token from facing further downside pressure. Here’s a deeper dive into Shiba Inu’s token-burning chronicles, developments, and price movements over the past week, which appear to have sparked speculations surrounding the dog-themed meme token’s potential to hit $0.00003 ahead.

SHIB Burn Data: A Closer Look

According to Shibburn, Shiba Inu’s burn tracker, amidst the 281% weekly surge in the burn rate, today marks a 71.55% upswing in SHIB burn. With 42.76 million tokens burnt in the past 24 hours, the meme coin appears to be leveraging the killing of its supply to prevent further dips.

HOURLY SHIB UPDATE$SHIB Price: $0.00002254 (1hr 0.11% ▲ | 24hr -3.91% ▼ )
Market Cap: $13,285,552,188 (-3.72% ▼)
Total Supply: 589,273,678,791,906

TOKENS BURNT
Past 24Hrs: 42,769,551 (71.55% ▲)
Past 7 Days: 174,936,408 (281.27% ▲)

— Shibburn (@shibburn) May 11, 2024

Meanwhile, the token’s circulating supply totaled 582.94 trillion SHIB, whereas the total supply was 582.94 trillion coins at press time, with 410.72 trillion tokens burned to date. Nonetheless, despite the destruction of nearly half of Shiba Inu’s supply, the token has yet to embark upon a much-expected parabolic uptrend.

Besides, the dog-themed meme token has kicked off this year on an optimistic note, with SHIB surging from a bottomed $0.000008 price level to a peak of $0.00003 in March. This price rally primarily aligns with the massive gains in the meme coin sector, as pointed out by VanEck’s meme coin index. At the same time, SHIB further rode the optimistic wave with its ecosystem developments weighing in.

It’s worth noting that while the community’s token burn mechanism continued burning significant amounts of SHIB in the background, the Shiba crypto community ruled out a plethora of upgrades aiming to further boost tokenomics. However, following the token’s hitting of the peak level of $0.00003, SHIB started moving sideways with a waning trajectory, birthing a tidal wave of speculations among investors over future price movements.

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Shiba Inu’s Price Action

At the time of writing, SHIB’s price illustrated signs of a pullback, dipping 3.59% to $0.00002255. Its 24-hour lows and highs are $0.00002222 and $0.00002358, respectively. Further, the token’s market cap dipped 3.46%, reaching $13.29 billion, whereas the 24-hour trading volume followed, slipping 2.18% to $374.93 million.

This short-term price action comes in contrast to the community’s recent developments and burns. Whereas, Coinglass data showcased a 0.36% increase in SHIB’s open interest, reaching $59.74 million, followed by a derivatives volume rise of 3.33% to $114.26 million.

Collectively, market data potentially underscores SHIB’s current market volatility. On the other hand, zeroing in on recent burn developments, a recent analysis by CoinGape Media suggests that if the market recovery persists within the broader timeframe, the meme crypto could potentially hit the $0.00003 price level.

However, the RSI continued to slip, now resting near 42. Although this hinted that the token is neither overbought nor oversold, it tips the balance towards more downside pressure in the market.

Nonetheless, this year’s main event, BTC’s halving, and its aftermath are expected to bolster SHIB in the long-run. Crypto market participants continue to eye the token extensively as bulls and bears battle over Shiba Inu.

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