Shiba Inu, a memecoin that has been the buzz of the crypto world lately, has aroused significant interest among crypto market participants as its community burned 1.69 billion coins over the past month. This substantial amount of the canine-themed memecoin destroyed elicited contrasting sentiments among investors as SHIB demonstrated a declining price trajectory in April.
Crypto market community speculate over the memecoin’s potential price action ahead, as the massive amount of coins burnt underscores a positive sentiment despite the memecoin’s bearish movement. The broader crypto market encountered heightened volatility post-BTC halving, amidst which SHIB, too, bore the brunt, falling bearishly in recent days.
The community of Shiba Inu Burned Billions of Coins
According to the tracker Shibburn‘s data, 1.69 billion SHIB was observed to be torched in April, with 204 transactions recorded in total. The majority of these tokens were dispatched to Contract Addresses, sparking a buzz within the Shiba crypto community.
However, the tracker clarified that this isn’t due to something substantial in the pipeline. “It’s just individuals making errors, sending their tokens to the CA, and forfeiting their investments as a result,” the tracker added in a post shared on X.
Although coming as a setback to the so-called ‘individuals,’ who witnessed losses, this narrative was staged as encouraging news for Shiba Inu. With the supply additionally taking the hit, the SHIB token gradually continues to reduce its excessive supply in the market, thereby fueling optimism. on the other hand, the token traded significantly in the red recently, with crypto market enthusiasts speculating over the impact of SHIB burns on its price movements.
SHIB Price is dipping!
As of writing, SHIB’s price slipped 4% in the past 24 hours and is presently trading at $0.0000212. The memecoin noted a monthly decline of 23.44%, further accompanied by a weekly fall of 18.91%.
It’s worth noting that Shiba Inu’s recent bearish movement primarily aligns with the broader market’s turbulent shifts post-halving. Nonetheless, with the SHIB crypto community constantly fostering efforts to boost SHIB tokenomics, a bullish trajectory for the token potentially lies ahead. The continuous burning of SHIB, coupled with a hard fork upgrade imminent on May 2nd, propels optimism on the token in the short term. In the interim, a post-halving rally is yet to kick in on the crypto horizon, adding hope to the token’s long-run price movements.
