Huge Burning of 1.6 Billion Shiba Inu in April Fails to Cause Price Rising
The total number of Shiba Inu burned in April exceeded 1.6 billion. SHIB maintained the second largest market capitalization.
The volume of Shiba Inu [SHIB] burned in April amounted to billions. However, this substantial burn did not translate into a notable price impact.
Additionally, a significant decrease in the number of active addresses associated with Shiba Inu was observed during the same period.
Billions of Shiba Inu Withdrawn from Circulation
Recent data from @shibburn indicated that in April, more than 1.6 billion Shiba Inu tokens were burned in 204 transactions. Further analysis revealed that a substantial amount of SHIB tokens, over 410 billion, are currently held in null addresses. By contrast, approximately 582 billion tokens remain in circulation.
SHIB burn tracker @shibburn explained the following on X:
“Most of the $SHIB that were burning this month were being sent to the Contract Address. This isn’t due to any big news or anything as many reported… it’s just folks making mistakes, sending their tokens to the CA and losing their investments as a result. Be careful and double-check where you send your tokens so it doesn’t happen to you!”
Recently, the total number of tokens burned was 2.3 million. Despite this significant burn rate, it appears that the reduction in the volume of SHIB tokens in circulation has not noticeably impacted the total volume remaining in circulation.
SHIB Price Trend Fell in April
AMBCrypto analysis of the daily time chart revealed a drop in Shiba Inu price during April from the previous month. The analysis indicated that SHIB began trading in April at around $0.000028, experiencing an initial drop of over 6.8%.
Throughout the month, the price continued its downward trend, causing the short moving average (yellow line) to move from a support level to a resistance level.
This change indicated poor performance for SHIB as it was trading below the yellow line. By the end of April, the price had fallen to approximately $0.0000022, reflecting a drop of over 7%.
Recently, analysis using the price range tool showed that SHIB had lost more than 26% of its value from the beginning of April to the present. Despite significant token burns during the month, the price trend suggests that these burns did not have a substantial impact on the value of SHIB.
Active Addresses Experienced a Significant Decrease
The number of 30-day active addresses saw a notable increase throughout March, with an observed average of around 280,000. However, graph analysis revealed a significant decline in April, with the number falling to approximately 125,000 by the end of the month.
According to the latest data, the number of Shiba Inu active addresses was around 124,000. Similarly, an examination of daily active addresses also indicated a decline, with approximately 4,800 active addresses registered so far.
Despite its lackluster price performance, Shiba Inu has managed to maintain its position as the second largest memecoin. According to data from CoinMarketCap, SHIB’s market capitalization was over $12.4 billion at the time of writing. A look at the rankings revealed that its market capitalization exceeded that of the next seven memecoins combined.
SHIB in May
According to CryptoPredictions, Shiba started in May 2024 at $0.000000001617866 and is predicted to finish the month at $0.000000000354742. During May, the maximum forecasted SHIBA price is $0.000000000455814 and the minimum price is $0.000000000309954.
The SHIBA Price is forecast for today (02.05.2024) to be in the $0.000000000256814 – $0.000000000377668 price range. Shiba is predicted to end today at $0.000000000302134.
By Audy Castaneda