SHIB’s Price Up Slightly as 259+ Million Tokens Get Burned

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  • Shibburn revealed that more than 259 million tokens were burned throughout the past week.
  • According to the X post, these SHIB tokens were burned through 66 transactions.
  • At press time, SHIB was trading hands at $0.00000803 following a 1.18% 24-hour gain.

The Shiba Inu (SHIB) token burn tracking platform Shibburn revealed in a X post earlier today that a total of 259,383,545 tokens have been burned over the past week. According to the post, these tokens were burned through 66 transactions.

Although the amount of tokens burned in the past 7 days is impressive, it is a 52.4% decrease compared to the previous week. Meanwhile, the value of the tokens removed from circulation is estimated to be $2,061.78.

The recent token burns seem to have had a positive effect on the meme coin’s price, as CoinMarketCap showed that SHIB registered a 24-hour gain. At press time, SHIB was up 1.68% and was trading hands at $0.00000803 as a result. Notably, this daily gain was also enough to flip the cryptocurrency’s weekly performance to boost it to +1.18% as well.

SHIB was the best performing meme coin in the top 5 list of the biggest meme cryptocurrencies. In second place was Dogecoin (DOGE) with its 24-hour gain of 0.93%.

Daily chart for SHIB/USDT (Source: TradingView)

SHIB has been in a consolidation period between $0.00000755 and $0.00000847 over the past week, but may attempt to breakout above this channel in the next few days. If SHIB is able to close a daily candle above $0.00000847 within the next week, then it may have the foundation needed to rise to the subsequent resistance level at $0.00000965.

On the other hand, SHIB getting rejected by the $0.00000847 barrier could put it at risk of dropping to the $0.00000755 support level. Thereafter, continued sell pressure could force the meme coin’s price below this significant price point. Consequently, SHIB could drop to as low as $0.00000700 through the course of the following few days.

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