Over 42 million Shiba Inu (CRYPTO: SHIB) tokens were pulled out of circulation Sunday, putting additional deflationary pressure on the popular dog-themed meme coin.
What happened: The burn rate blasted 1866% in the last 24 hours, resulting in a supply squeeze of 42.122 million SHIB tokens, according to Shibburn, the coin's official burn tracker.
As per the latest available data, over 137 million SHIB were burned in the last week, reflecting an increase of 13.78%.
Coin burning involves sending a cryptocurrency to an unusable wallet address to remove it from circulation. This is done to create scarcity and boost its demand and market value over time.
As of this writing, about 410.748 trillion SHIBs have been burned, with the circulating supply at 584.485 trillion.
Interestingly, transactions on Shiba Inu's Layer-2 blockchain, Shibarium--a major contributor to the burn activity--sharply declined over the week, as indicated by Shibariumscan.
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Meanwhile, large SHIB transactions, valued at over $100,000, fell 43% in the last 24 hours, according to IntoTheBlock. Daily active addresses declined 21%, suggesting tepid on-chain activity.
On the technical front, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a “Buy” signal for SHIB, according to TradingView. Conversely, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed "Sell."
Price Action: At the time of writing, SHIB was exchanging hands at $0.00001453, up 2.01% in the last 24 hours, according to data from Benzinga Pro. The coin was rising on Sunday evening following Bitcoin’s (CRYPTO: BTC) rise on tariff-related developments.
Photo Courtesy: CryptoFX on Shutterstock.com
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