- SHIB has been unable to break key resistance levels.
At press time, the token remained in a downtrend.
As a seasoned crypto investor with a keen eye for market trends and patterns, I must say that Shiba Inu’s performance has been a rollercoaster ride lately. The lack of significant burn activity on the newly launched Shib Torch portal is concerning, especially when compared to the robust burn rates shown by Shibburn.
After the introduction of Shibarium burn portal for Shiba Inu [SHIB], a significant surge in burns hasn’t been observed yet.
However, SHIB burns have continued through other channels, with a recent spike in the overall burn rate. But despite this, SHIB’s price has remained below key levels.
Shiba Inu burn portal stalls
Around three weeks back, it was announced that Shiba Inu had unveiled Shib Torch, a platform specifically created for burning SHIB tokens. When first introduced, approximately 3.2 million SHIB coins are said to have been destroyed.
Since that time, there’s been a lull in the Shib Torch portal’s activity, as no further burns have been logged.
The lack of progress in this area has sparked discussions among Shiba Inu community members about the reliability of the system.
Questions have arisen regarding the accuracy of the portal in recording Shiba Inu coin burns, or if any burns are indeed happening via this platform.
Shiba Inu burns continue
Looking at the data provided by Shibburn, it appears that the burning of Shiba Inu tokens has persisted, which contrasts with the apparent inactivity seen on the Shiba Inu Torch platform.
It seems that either the newly installed portal isn’t being used as intended, or it may not be properly capturing the burn incidents that are actually happening.
According to data from Shibburn, there was a substantial rise in SHIB token burns, with the burn rate skyrocketing by approximately 400% within the past day. During this period, a total of over 14.2 million SHIB tokens were destroyed.
Over the last week, I’ve observed a significant surge in the burning of Shiba Inu (SHIB) tokens. Specifically, over 312.6 million tokens have been eliminated from circulation, marking an impressive 80% rise in the token burn rate compared to previous periods.
Despite some uncertainties about the Shib Torch portal, it’s clear that the burning activity for Shiba Inu tokens continues to be robust overall.
Yet, there appears to be a discrepancy between the portal’s displayed data and the genuine burn data, which prompts questions about the portal’s performance and its capacity to deliver real-time monitoring of SHIB burns.
The increased burn rate is a positive sign for reducing the token’s supply.
SHIB remains below key levels
Over the past two months, the Shiba Inu [SHIB] coin has been trading under its long-term moving average (represented by the yellow line), which has served as a significant barrier to higher prices. Furthermore, SHIB’s price movement has seen a back and forth between gains and losses during this period.
4th September marked a nearly 4% rise, but it subsequently dropped more than 3% during the next trading day. At present, Shiba Inu (SHIB) is being traded approximately at $0.00001318, maintaining its volatile trend.
Over time, the moving average has not only served as a guideline for the trend but also underscored Shib’s consistent downward trajectory. The fact that the price hasn’t managed to surpass this resistance level indicates continued bearish pressure.
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2024-09-07 10:15