Shiba Inu’s price is surprisingly struggling despite a massive burning activity by the developers of the meme coin.

In the last 24 hours, the SHIB burn rate spiked 23,133% as developers intentionally destroyed more than 13 billion tokens. At current market rates, this amounts to approximately $463,000.

This Shiba Inu burning process unfolded across two distinct transactions. Initially, developers burned 9.6 billion SHIB tokens, valued at just over $332,000. Later, they followed up with the incineration of an additional 3.8 million SHIB tokens, worth approximately $131,384.

In addition, developers disposed of 28 LEASH tokens, valued at $21,600, and 19,551 BONE tokens, valued at roughly $22,874.

“These burns were conducted by the Shiba developers, but they wouldn’t have been possible without the Shibarium builders and users… There are people who just farm engagement by talking about burns, and then there are those who are actually working on progress—understand the difference,” Shiba Inu influencer Lucie said.

Lucie also seized the opportunity to praise Shibarium developers and users, who have played pivotal roles in bolstering the network’s adoption. Despite the enthusiasm, SHIB’s price is down by more than 23% from its yearly high on March 5.

Read more: Shiba Inu (SHIB) Price Prediction 2024 / 2025 / 2030

Interestingly, technical analyst Ali Martinez believes this recent price action could be part of a consolidation phase that may result in further gains.

“Shiba Inu forms a symmetrical triangle on the 4-hour chart. A sustained close above the $0.000038 resistance could trigger a 40% bullish breakout, pushing SHIB toward $0.000052,” Martinez said.

On another development, Shytoshi Kusama, the lead developer of Shiba Inu, is actively advocating the listing of ShibaSwap’s BONE token on Binance.

On March 7, the world’s largest crypto exchange by trading volume introduced the Futures NEXT Program, enabling users to anticipate in tokens’ listings. Although Binance clarified that nominations will not sway listing decisions, users can still predict and vote for the tokens they believe will be listed.

In response to the announcement, the ShibArmy rallied behind the BONE token, with Kusama urging the community to show their power by voting for the digital asset.

“This is light work. I’ll be posting this tomorrow as well. I’ve called in the K9 unit and the Bad Brigade for help. Who else will stand with us?,” Kusama questioned.

Read more: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024

BONE, a digital asset integral to the Shiba Inu ecosystem, has evolved beyond its meme origins. It serves a crucial role within the network’s Layer 2 solution, Shibarium, facilitating transaction fees and enabling validators to stake and interact with the network.

According to the Binance, BONE currently ranks third on the nomination list, garnering around 37,101 votes. However, it trails behind Delysium and Baby DogeCoin, which have received 91,728 and 40,028 votes, respectively.

The post Shiba Inu Price Drops Despite Developers Burning Over 13 Billion Tokens in 24 Hours appeared first on BeInCrypto.

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