SHIB Burns Surge 44%, But Will Price Break $0.0000134?
The development team of the Shiba Inu (SHIB) community has officially launched the long-anticipated community Burn Portal.
This feature revealed on August 16th through a tweet, is expected to play a crucial role in the ongoing and long-term development of the SHIB ecosystem. While Shiba Inu has already been burning tokens as part of its network operations, this new portal offers a streamlined, community-driven token-burning approach.
Burn Portal Details and Mechanics
The Burn Portal does not introduce new core functionalities but enhances the token-burning process. The Shiba Inu network has already implemented a mechanism where each SHIB transaction generates a base fee locked in a burning contract.
The introduction of the Burn Portal allows community members to participate more actively in the burn process. Users are required to accumulate at least 100 BONE tokens before initiating a burn, thereby removing SHIB tokens from circulation.
This community-driven approach is expected to increase the burn rate of SHIB tokens, contributing to the deflationary nature of the token. According to the dashboard tracking daily burn rates, the launch of the Burn Portal has already shown results. The burn rate has surged by 44% since the announcement, with over 3 million SHIB tokens removed from circulation.
Source: Shibburn
Shiba Inu Market Performance and Price Fluctuations
Shiba Inu’s price has recently fluctuated, reflecting the broader market conditions and specific developments within the SHIB ecosystem. As of the latest data, the live Shiba Inu price stands at $0.000013, with a 24-hour trading volume of $95,963,073.
The price has experienced a 1.00% increase over the last 24 hours. Currently, Shiba Inu ranks #13 on CoinMarketCap, with a market capitalization of $7,907,901,438 and a circulating supply of 589,270,351,540,150 SHIB coins. The maximum supply remains unspecified.
An analysis of the recent price chart reveals that SHIB’s value has fluctuated within a narrow range, primarily between $0.00001327 and $0.0000134. The chart shows periods of both stability and volatility, with the price experiencing several peaks and troughs.
Source: CoinMarketCap
Notably, a recent spike saw the price rise to $0.0000134, suggesting a short-term upward trend. However, the overall pattern indicates that SHIB’s value has remained relatively stable around the $0.0000133 mark during most of the observed period.
The technical analysis of SHIB’s price action on the Bitstamp exchange provides additional insights into the market’s behavior. Despite the recent price fluctuations, SHIB has shown significant volatility, including a notable spike in early 2024 followed by a prolonged decline. Currently, SHIB is trading around $0.00001336, reflecting a minor decrease of 0.15%.
MACD indicator, which is positioned at the bottom of the chart is crossed below the signal line thus posing a possible bearish momentum. Also, the MACD histogram is slightly negative, pointing out that weak pressure on SHIB might continue.
Another critical technical indicator, the Relative Strength Index (RSI), is currently positioned at 37.51. This level suggests that SHIB is approaching the oversold territory, where selling pressure might start to ease.
Source: TradingView
Technically, the RSI has a conventional approach where the index is considered oversold when it drops to 30 or below. The MACD provides a contrary message and hence more sell-signals should be expected before the market bottom is formed and some sort of reversal occurs.