- Shiba Inu burn portal revealed a burn of 410.3 trillion SHIB tokens, of which 226 million were burned overnight.
- SHIB added 30,000 new holders, as the Dogecoin-killer’s token burn continued, reducing its circulating supply.
- Analysts have a negative outlook on Shiba Inu for the near term, as selling pressure on the Dogecoin-killer increases.
Dogecoin-killer Shiba Inu has witnessed a spike in the number of holders of SHIB tokens after s spike in its burn rate. Despite the rising on-chain activity on SHIB, analysts are bearish on the meme coin price.
Shiba Inu adds 30,000 new holders
Shiba-Inu-themed meme coin SHIB has added 30,000 new holders within the past month. Shiba Inu burn rate has climbed consistently, hitting 171% level within the past 24 hours. According to data from Shibburn portal, 203.4 million Shiba Inu tokens were burned overnight.
410.3 trillion Shiba Inu tokens have been burned so far, reducing the meme coin’s circulating supply drastically.
Despite a reduction in Shiba Inu price, there is a spike in its burn rate and number of holders. In the past 24 hours, Ethereum whales have accumulated $1.53 million worth of Shiba Inu tokens.
Merchants in the Shiba Inu community have come up with new ways of burning SHIB. The ShibSuperStore has been accepted in the Amazon affiliate program, therefore, on every purchase, there is a burn of 1% to 20% of the price, in SHIB.
***NEW WAYTO BURN SHIB***https://t.co/d0goxr6sys has been accepted into the Amazon affiliate program!
Use the Amazon link on the front page!
You can buy literally anything! By using the link provided, depending on item, between 1% and 20% of purchase price will be burned! pic.twitter.com/mrU0jxM97N
— SHIB Super Store (@shib_superstore) May 26, 2022
Shiba Inu price could plummet in the long term
Shiba Inu has 1,169 million token holders on the Ethereum blockchain. More Ethereum holders have joined the Shiba Inu network over the past month. Analysts evaluated the Shiba Inu price trend and predicted a rise in selling pressure.
Analysts have identified s descending triangle formation in the Shiba Inu price chart. A sustained push from bears could trigger a downtrend in Shiba Inu. Antonio Smith, leading crypto analyst has identified $0.000015 as the resistance for Shiba Inu price.