Shiba Inu Community Reduces Token Supply
The Shiba Inu (SHIB) community recently witnessed the burning of about 1.69 billion SHIB tokens in April, spread across 204 unique transactions. This reduction in available tokens was not intentional market strategy but resulted from accidental transfers, which could impact SHIB’s price.
Market Response to 1.69 Billion SHIB Burned
- ShibBurn reported a surge in token burns due to users mistakenly sending SHIB to the Contract Address.
- It emphasized the importance of double-checking token transfers to prevent investment losses.
- Despite the mishaps, technical analyses point to potential bullish signals for Shiba Inu.
A bull flag formation on SHIB’s daily chart suggests a potential upward trend, with expectations of breaking past resistance levels to reach $0.000071. However, recent price declines have dampened SHIB’s performance, facing challenges in recovery amid bearish indicators.
Shiba Inu Price Analysis and Future Predictions
The meme coin has experienced a significant 60% decrease from its year-to-date peak, falling below key moving averages and facing resistance levels at the 100-day EMA. The RSI and other indicators reinforce a bearish outlook, signaling potential hurdles in recovery.
Monitoring Critical Support Levels
Market analysts suggest keeping a close watch on the $0.000018 support level as a breach could trigger further declines down to $0.000010, indicating a substantial drop in SHIB’s value.
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