SHIB Burn Blitz: $463K Up in Smoke – What’s Next for Shiba Inu?

    Despite a significant burning activity orchestrated by Shiba Inu developers, the price of the meme coin continues to face challenges in the market.

    Over the past 24 hours, the burn rate for SHIB soared by an astonishing 23,133%, with developers deliberately destroying over 13 billion tokens. At current market rates, this equates to roughly $463,000.

    Shiba Inu Burn Surge

    This burning process unfolded across two transactions, with developers initially incinerating 9.6 billion SHIB tokens valued at over $332,000, followed by the destruction of an additional 3.8 million SHIB tokens, worth approximately $131,384. Additionally, developers disposed of 28 LEASH tokens valued at $21,600 and 19,551 BONE tokens valued at roughly $22,874.

    While the burning activity garnered attention and praise from the Shiba Inu community, it failed to translate into significant price gains. Despite the enthusiasm surrounding the burning event, SHIB’s price has declined by more than 23% from its yearly high on March 5.

    Technical analyst Ali Martinez suggests that the recent price action may be part of a consolidation phase, potentially paving the way for further gains. Martinez highlights the formation of a symmetrical triangle on the 4-hour chart, noting that a sustained close above the $0.000038 resistance could trigger a 40% bullish breakout, pushing SHIB toward $0.000052.

    What Does Dev Says?

    In another development, Shytoshi Kusama, the lead developer of Shiba Inu, is actively advocating for the listing of ShibaSwap’s BONE token on Binance. Despite Binance’s clarification that nominations will not directly influence listing decisions, the ShibArmy has rallied behind the BONE token, with Kusama urging the community to vote for its inclusion.

    BONE, a vital component of the Shiba Inu ecosystem, plays a crucial role within the network’s Layer 2 solution, Shibarium. Despite currently ranking third on the nomination list on Binance, behind Delysium and Baby DogeCoin, BONE’s importance in the network continues to grow, reflecting the evolving nature of the Shiba Inu project.

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