- Greater than 70 Million Shiba Inu (shib) crypto tokens were burned over the last day.
- SHIB is at present in the green and is currently worth $0.0000103 after an 8.57 percent increase in price over the last day.
- longstanding shib holders are still clinging to their holdings regardless of the chaos of the recent bear market.
As reported by the Twitter account shib_superstore, greater than 70 Million Shiba Inu (SHIB) (SHIB) crypto tokens were burned over the last day. This SHIB burn, which included transactions from big names like Amazon and Bricks Buster, is done with the sole intention of pumping the SHIB price.
This might, on the other hand, not happen any time soon as only burning millions out of trillions of SHIB won’t be have any impact on the price at all.
Shiba Inu (SHIB) price action (Source: TradingView).When looking at SHIB’s price action as the burning is taking place, the Relative Strength Index (RSI) was able to successfully recover to the positive trend zone. On the other hand, on June 21, it fell back under the neutral 50.0 line. The Parabolic RSI is at present exhibiting an active uptrend, which could mean that the SHIB price is safe from any unwarranted price swings for the time being.
SHIB is at present in the green and is currently worth $0.0000103 after an 8.57 percent increase in price over the last day. The meme cryptocurrency likewise saw a 24.90 percent increase in price over the last week, as reported by CoinMarketCap.
Shiba Inu (SHIB) LTHs (Source: Intotheblock – AMBCrypto).Along with this, longstanding SHIB holders are still clinging to their holdings regardless of the chaos of the recent bear market. This outlines that investor convictions in the SHIB burnings are strong enough to not fade out in the choppy waves of the volatile market.
Even though it might take some time, the SHIB burn will only grow further as SHIB supporters attempt to turn SHIB into a legitimate asset.
Disclaimer: The views and opinions expressed in this post are solely the author’s and do not necessarily reflect the views of CQ. No information in this post should be interpreted as financing advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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