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Shiba Inu (SHIB) Burn Continues As Community Destroys 3 Billion Tokens In One Week

The Shiba Inu community remains passionate about controlling its price action by eliminating excess tokens in circulation through burn events as the community has continued to burn SHIB tokens.

Recent data from Shibburn.com reveals that 3.05 billion SHIB got burnt in eight separate burn transactions in the past seven days. The latest statistics represent a 75% increase in the total burn rates compared to the 1.75 billion SHIB burned the previous week.

Related Reading: Bitcoin Plunges Below $27,000 As Miners Show Signs Of Selling

Shiba Inu Token Burn Continues

Blaze token has become the top-ranked SHIB burner in the ecosystem since its launch. The project destroyed over 3 billion SHIB in a single transaction executed on May 16, 2023.

Also, a mysterious wallet burnt 18.23 million SHIB tokens on 16th May, making it a record-breaking date in the ecosystem. 

The Shiba Inu community has burnt over 410.6 billion SHIB, with over 574.30 trillion still in circulation. A Twitter user, SHIB INFORMER, notably posted a snapshot of a proposed token burn mechanism on Shibarium. 

According to SHIB INFORMER, the Shibarium burns will focus on transactions and regulating the excess supply of tokens in the community through a burning mechanism to boost the value of SHIB tokens.

The Shibarium upgrade is a layer-2 (L2) solution built on the Ethereum network for Shiba Inu. It seeks to transform Shiba Inu from a meme coin to a functional ecosystem. Although there is no definite date for its launch, the SHIB community expects it in 2023. 

SHIB Price Action

SHIB is experiencing volatility today as it seeks to recover from the recent price drop in May, leading to a death cross on May 10, 2023.

However, the bears are active in the market, keeping its price down. As such, SHIB is still trading below its 50-day and 200-day Simple Moving Averages (SMA).

Even though the SMAs indicate a bearish sentiment in the short and long term, SHIB shows interesting signals hinting at a bullish recovery. Its Relative Strength Index (RSI) is 39.95 in the neutral zone but moving upwards, indicating a price recovery ahead for the asset. 

Also, SHIB’s Moving Average Convergence/Divergence (MACD) is above its signal line, a bullish signal. Notably, its histogram bars are bullish, confirming a bullish sentiment today.

SHIB Burn Continues As The Community Destroys 3 Billion Tokens In One Week

SHIB is close to the $0.00000882 resistance level after it found critical support at $0.00000851. The bears could not return SHIB’s price to $0.00000824, implying that an uptrend to reclaim its closest resistance level is possible.

SHIB will likely rally in the short term to reclaim the $0.00000884 price level, although there are no guarantees in the crypto market climate.

Featured image from Pixabay and chart from TradingView

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Binance 17th Burn Sees ~$640 Million Worth Of Crypto Taken Out Of Circulation

Binance has successfully carried out another quarterly scheduled burn. This marks the 17th routine burn that the cryptocurrency exchange has carried out since it had launched its native token back in 2017. Binance has not missed a single scheduled burn since that time and will continue to carry out these burns every quarter.

Binance burns 20% of its quarterly earnings, which suggests how much the crypto exchange has brought in that quarter. The latest burn suggests that the company may have made over $4 billion in the 3rd quarter of 2021.

Burning Millions Worth Of BNB

The cryptocurrency exchange announced in a blog post on Monday that it had burned 1,335,888 BNB in its 17th burn. This came out to approximately $640 million worth of coins burned, according to the price of BNB at the time of the burn. In addition to this, Binance had also burned 17,839 BNB in its Pioneer Burn Program. This program was created to help its users who had lost their assets in uncommon circumstances.

Related Reading | Why We Could See The First Approved U.S. Bitcoin ETF In October

In its burn history, the crypto exchange has burned millions of BNB tokens. The record for the highest number of BNB tokens burned at a single time was the 12th burn. This saw 3,477,388 BNB burned. While the lowest number of tokens burned was during the 8th burn, where only 808,888 BNB tokens were burned.

In total, Binance had burned over 31 million BNB tokens over the history of its scheduled burns. And the crypto exchange will keep burning BNB tokens quarterly until 50% of the total supply is taken out of circulation.

Binance Sticking To The Original Plan

Binance has maintained its promise to burn a percentage of BNB until the total circulating supply is halved. This would mean that the crypto exchange would have to burn approximately 100 million BNB to achieve this aim. So far, with about 31.6 million tokens already burned, the crypto giant is not even halfway through to its goal.

Related Reading | Bitcoin Breaks $60,000 Ahead Of SEC ETF Approvals

The Binance team holds about 40% of the total BNB supply, which goes towards the scheduled quarterly burns. The crypto exchange said that the team would not sell any tokens out of this stash and has maintained that they have never sold a single BNB out of it.

BNB trading below $490 | Source: BNBUSD on TradingView.com

After the burn was carried out, the price of BNB saw an uptick in the price. BNB trended towards $500 in the early hours of Tuesday, peaking at $497. It has since trended back down but has only lost about $10 off the value of its price in the downtrend. The price of the asset sits at $488 at the time of this writing and is up 4.34% in the last 24 hours. Its current market cap is $81 billion and BNB has reclaimed its position as the 3rd largest cryptocurrency by market cap.

Featured image from CoinFunda, chart from TradingView.com