In a remarkable show of token-burning enthusiasm, the SHIB community has once again demonstrated its strength in meme coins by incinerating a staggering 75,192,032 Shiba Inu tokens in the past 24 hours, as reported by the Shibburn. This fiery exhibition is part of a growing trend of increased token burn activities. A monumental transaction ignited two-thirds of this fervent consumption, demolishing a jaw-dropping 54,633,331 SHIB tokens.
The catalyst behind this frenzied token immolation is the burgeoning adoption of the Layer-2 blockchain Shibarium. Shibburn’s data revealed that these burns align with Shibarium’s growing utility and the rising interest in its unique capabilities.
Shibariumscan Explorer shows rapid progress within the Layer-2 blockchain ecosystem, with nearly 3,000,000 transactions recorded recently. Mined blocks have surged to 711,089, and the network boasts a robust 1,246,650 connected wallets. However, daily transaction numbers have experienced a slight dip from a previous peak of over 200,000 daily transfers.
At the time of writing, Shiba Inu is trading at $0.000007372, maintaining its position above the critical support level at $0.00000699. A potential path to recovery hinges on SHIB’s ability to flip the 50-day Exponential Moving Average (EMA) into a support line and break through the resistance at $0.00000791. Successful consolidation above this resistance, coupled with an RSI above 50.0, would signify the commencement of a recovery rally.
However, the specter of bearish influence looms, with a drop below the $0.00000699 support level potentially plunging SHIB to year-to-date lows of $0.00000656, effectively shattering the bullish narrative. Notably, the SHIB ecosystem is exhibiting both positive and negative signals.
On one hand, active deposits from SHIB holders have dwindled to a 30-month low, the lowest level since March 2021. This decrease in deposit activity bodes well for SHIB, reducing the potential for a downward price spiral.
Conversely, network growth has hit a four-month low, reaching levels last observed in May. This metric gauges the project’s market traction by tracking new address creation on the network. The slump suggests that new investors are retreating from the SHIB network due to a lack of price incentives, which could hinder future price surges.
The SHIB community’s fiery commitment to token burns continues, while Shibarium’s ascent opens doors to greater utility. Amidst market uncertainty, SHIB’s price remains poised for a potential recovery.
