2024-11-5 16:14 |
This abrupt stop follows a week of intense activity, marked by a staggering 6,153% surge in the burn rate, according to data from Shibburn. The sudden shift from fervent burning to complete inactivity coincides with a broader cryptocurrency market correction, adding another layer of complexity to SHIB’s price trajectory.
Shibburn’s hourly update on Nov. 4 revealed the stark contrast: zero SHIB burned compared to the 5.76 billion tokens incinerated over the previous seven days. This dramatic spike in burning was primarily driven by a single event on Nov. 1, where 5.6 billion SHIB tokens were sent to inaccessible wallets in just six transactions. This followed a robust October, which witnessed 6.1 billion SHIB burned across 105 transactions. These efforts are part of a community-led initiative to reduce the circulating supply of SHIB, aiming to increase the token’s scarcity and, theoretically, its value.
Despite the recent flurry of burning, the impact on the overall circulating supply remains marginal. Data from Shibburn indicates a total supply of 589,262,937,488,938 SHIB, mirrored by the circulating supply, highlighting the substantial challenge faced by proponents of this deflationary strategy. The current stagnation in burning raises questions about the long-term viability of relying solely on community-driven efforts to significantly impact the SHIB supply.
This sudden drop to zero burns is unusual, even considering the inherent volatility of SHIB’s price. While community involvement forms the backbone of the burning mechanism, even minor price fluctuations can influence the number of tokens burned. The current lull adds another layer of uncertainty to SHIB’s outlook.
The pause in SHIB burning has seen a slight uptick in price over the last 24 hours. Source: Brave New Coin SHIB market cap.
The pause in burning coincides with a slight uptick in SHIB’s price. As of Nov. 5, SHIB trades at $0.00001784, a 3.74% increase in the last 24 hours. Despite this SHIB is currently battling to hold support near its 50-day simple moving average (SMA) at $0.000017.
A breach below this level could trigger further selling pressure, potentially pushing the price down to $0.000015. Conversely, if a relief rally emerges, SHIB might attempt to recover towards its 200-day SMA at $0.00001845. The ongoing market volatility and the sudden halt in SHIB burning activity underscore the inherent risks associated with cryptocurrency investments. The community’s response to this sudden shift in momentum will likely play a crucial role in SHIB’s future performance.
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