Shiba Inu, a meme coin that has been the talk of the crypto town lately, has piqued substantial interest among crypto market participants as its community recorded 1.69 billion coins burnt over the past month. This colossal amount of the dog-themed meme coin destructed birthed contrasting sentiments among investors as SHIB illustrated a waning price trajectory in April.

Crypto market participants speculate over the meme coin’s potential price action ahead, as the colossal amount of coins incinerated underscores a positive sentiment despite the meme coin’s bearish movement. The broader crypto market faced heightened turbulency post-BTC halving, amidst which SHIB, too, bore the brunt, falling bearishly in recent days.

Shiba Inu Sees Billions Of Coins Out Of Supply

According to the tracker Shibburn‘s data, 1.69 billion SHIB was noted to be burnt in April, with 204 transactions recorded in total. The majority of these tokens were sent to Contract Addresses, sparking a buzz within the Shiba crypto community.

However, the tracker clarified that this isn’t due to something big in the pipeline. “It’s just folks making mistakes, sending their tokens to the CA, and losing their investments as a result,” the tracker added in a post shared on X.

Although coming as a setback to the so-called ‘folks,’ who witnessed losses, this chronicle staged as an optimistic news for Shiba Inu. With the supply additionally taking the hit, the SHIB token gradually continues to kill its excessive supply in the market, in turn fueling optimism.

Conversely, the token traded considerably in the red recently, with crypto market enthusiasts speculating over the impact of SHIB burns on its price movements.

Also Read: Bitcoin (BTC) Price Relief Rally Likely As ‘Buy The Dip’ Calls Surge

SHIB Price Tumbles

As of writing, SHIB’s price slipped 7.81% in the past 24 hours and is currently trading at $0.00002205. The meme coin noted a monthly dip of 22.44%, 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 Shiba crypto community constantly fostering efforts to boost SHIB tokenomics, a bullish path 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.

Also Read: Bitcoin ETF Outflows Surge to $161 Million Ahead of FOMC

The post SHIB News: Shiba Inu Community Burns 1.69 Bln Coins In April, What’s Next? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am