In the midst of the cryptocurrency market crash, the Dogecoin killer, Shiba Inu has also declined by 8% in the last seven days which is below the long-term bearish trendline.
When looked at the recent price action of Shiba Inu, the May high was formed within a key resistance area. At the time of writing, Shiba Inu is trading at $0.00001989 with an increase of 0.08% over the last 24hrs.
If the SHIB price manages to hold above $0.000019, a recovery phase can be expected.
Half A Billion SHIB Locked In Dead Wallets
Recently in the month of April, Shiba Inu launched a burning portal so that holders can completely destroy their tokens and also in turn reduce the circulating supply. This resulted in the burning of 1.4 billion tokens in just a week in over 160 transactions.
According to the Shibburn crypto tracking service, the SHIB community has burnt or destroyed half a billion SHIB tokens.
To be more specific about the numbers, the community transferred 405,282,493 circulating supply of the SHIB tokens in dead wallets and reduced the circulating supply even more. The graph below depicts that the burn rate has seen a 100% increase.
However, when seen in terms of long term, this is done to reduce the SHIB tokens supply with an increased price. Here also within a week, the Shiba Inu portal has recorded 25 billion out of circulating supply.
This activity suggests that the SHIB users have done this to indicate how dedicated they are towards Shiba Inu in order to make SHIB more valuable.
On the other hand, Whalestats has stated that whales have been actively purchasing the tokens resulting in an increased Shiba Inu smart contract usage