Shiba Inu’s massive 1.6B April burns fail to fire up a price rally

As a researcher with experience in analyzing cryptocurrency markets, I find it intriguing to observe the recent trends in Shiba Inu (SHIB). The data suggests that over 1.6 billion SHIB tokens were burned in April, making it a significant event. However, this substantial burn did not translate into a noticeable impact on the price.

In April, over $2 billion worth of Shiba Inu (SHIB) tokens were burned. However, this massive burn failed to significantly influence the coin’s price. Furthermore, there was a considerable decrease in the number of active wallets interacting with the Shiba Inu network during that timeframe.

Billions of Shiba Inu taken out of circulation

According to Shibburn’s latest data, approximately 1.6 billion Shiba Inu tokens were eliminated through 204 separate transactions during the month of April. Upon closer examination, it was discovered that an enormous quantity, over 410 trillion SHIB tokens, are currently deposited in addresses with no balances.

In contrast, approximately 582 trillion tokens remain in circulation.

Currently, a total of 2.3 million tokens have been burned. This high burn rate, however, has yet to result in a noticeable decrease in the amount of Shiba Inu tokens existing in circulation.

SHIB price trend falls in April

As a researcher examining AMBCrypto’s daily chart analysis, I discovered that Shiba Inu’s price decreased noticeably during the month of April compared to the previous month. The opening price for SHIB in April was approximately $0.000028, and it initiated a substantial decline, dropping more than 6.8% within the initial trading sessions.

As I analyzed the price trends throughout the month, I noticed a consistent downward movement. Consequently, the short-term moving average, represented by the yellow line on the chart, shifted from acting as a support level to becoming a resistance one.

Shiba Inu’s massive 1.6B April burns fail to fire up a price rally – Why?

The downward trend suggested subpar performance for SHIB in the market, with its trading value falling beneath the yellow line. By April’s end, the price dipped to around $0.0000022, representing a considerable decrease of approximately 7%.

Currently, Shiba Inu (SHIB) is being traded at approximately $0.0000021 in value, representing a decrease of more than 5% in the price.

I’ve closely monitored SHIB‘s price movements lately, and my analysis using the price range feature reveals a disheartening loss of around 26% in value since early April.

As a researcher examining the SHIB market, I’ve noticed that despite noticeable token burns throughout the month, the price trend indicates that these burns did not significantly influence SHIB’s value.

Active addresses see a significant decline

As a researcher studying blockchain data, I’ve noticed an intriguing trend in the number of active addresses over the past two months. During March, there was a substantial rise, averaging around 280,000 daily. But upon closer examination of the chart, it became clear that this upward trend took a sharp turn in April. By month’s end, the figure had dropped significantly to approximately 125,000.

Shiba Inu’s massive 1.6B April burns fail to fire up a price rally – Why?

Based on the most recent information available, approximately 124,000 unique Shiba Inu cryptocurrency wallets had been actively used. Additionally, there were roughly 4,800 daily active addresses at the point of this update.

Read Shiba Inu (SHIB) Price Prediction 2024-25

Although Shiba Inu hasn’t shone brightly in terms of price growth, it continues to hold the number two spot among meme coins.

Based on information from CoinMarketCap, the market capitalization of Shib reached approximately $12.4 billion at the point of this update. Notably, this figure overshadowed the market caps of the following seven memecoins in total.

2024-05-02 11:03

Billions of Shiba Inu taken out of circulation

SHIB price trend falls in April

Active addresses see a significant decline

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