Shiba Inu (SHIB) Burn Rate Soars by 264% in a Day: A Bullish Sign?

Shiba Inu SHIB Shibarium Voice Of Crypto
Shiba Inu SHIB Shibarium Voice Of Crypto

Key Insights

  • Shiba Inu is showing warning signs of an incoming bullish wave.
  • Coinbase recently burned 30 million SHIB, contributing to the overall ~150 million burn rate in the last 24 hours.
  • The Shibarium development team plans to renounce the $BONE contract soon, making it more decentralized and secure.
  • Shiba Inu is currently in a descending wedge, which is a bullish pattern
  • If Shiba Inu does reverse direction, it is poised to make one of the most impressive price comebacks.

Shiba Inu continues to show warning signs of an incoming bullish wave. Everything from the success of its new Shibarium update to its surging number of daily active addresses signals an impending bullish rally.

And in this article, we will go over the latest developments in the SHIB ecosystem.

From Shiba Inu's recent ~150 million burn over the last 24 hours to the recent development with $BONE and the Shibarium development team.

Shiba Inu's Insane ~150 Million $SHIB Burn

This year has been a pretty impressive one for SHIB, in terms of burn rates.

Almost every day, SHIB holders send massive amounts of SHIB to the cryptocurrency's burn address, removing these tokens forever from the circulating supply and giving SHIB more opportunities to increase in price.

According to Shibburn, the last 24 hours have seen approximately 150 million SHIBs burned in almost 40 transactions.

Shiba Inu Burn Rate
Shiba Inu Burn Rate

Shibburn also shows that a good 30.1 million $SHIB out of the total 137.3 million came from a wallet address tagged "Coinbase #10" on Etherscan.

Coinbase's 30 million SHIB burn
Coinbase's 30 million SHIB burn

According to Shibburn, a total of 410 trillion has now been burned out of Shiba Inu's initial supply.

Shibarium Developers Renounce $BONE Contract

According to a new blog post from Kaal Dhairya, a core Shibarium developer, the SHIB team plans to renounce the $BONE contract.

If you didn't know, Shibarium's $BONE is the governance token for the Shibarium Layer 2 blockchain, which is expected to reduce transaction fees and improve scalability for DApps in the Shiba Inu ecosystem.

According to the blog post, there are a few problems with the existing $BONE contract, because it was initially created to shield investors from any human interference.

The $BONE renouncement timeline
The $BONE renouncement timeline

This was achieved by adding a Timelock contract which was controlled by a decentralized multisig wallet. However, this adds multiple complexities to minting the remaining BONE on the network and renouncing the ownership of the BONE contract to another level.

Because of this, the developers have outlined several steps to create a dummy token known as $CALCIUM, before renouncing the $BONE contract altogether.

Shiba Inu (SHIB) Price Analysis

Shiba Inu has been bearish for most of the year and has been in a steady descent from its $0.000018 high in August 2022.

Shiba Inu's descending wedge
Shiba Inu's descending wedge

The cryptocurrency appears to be in a descending wedge and shows some promise of a price rally very soon.

However, over the short to medium terms, SHIB is bearish and is currently trying to break above $0.0000075.

SHIB may even decline further into a retest of the wedge's descending trendline around $0.00000654 if $0.0000075 remains unbroken for long enough.

Shiba Inu's possible price action
Shiba Inu's possible price action

However, when SHIB does reverse direction, it is poised to make one of the most impressive price comebacks, as it rallies straight up into a breakout from the descending wedge.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Related Stories

No stories found.
Voice Of Crypto