Shibburn Reports 3.26 Billion SHIB Tokens Burned in April 2023
Shibburn has reported that in April 2023, 125 transactions burned over 3.26 billion Shiba Inu-Token. These figures are lower than the overall SHIB burns in March 2023, which saw 6.78 billion SHIB tokens burned through 540 transactions.
The SHIB burning process involves sending Shiba Inu (SHIB) tokens to an address known as the "burn address." This address is a specific address created to store tokens that are to be permanently burned.
The Shiba Inu community carried out these burn transactions to reduce the total supply of SHIB in circulation. In particular, the scarcity of a token results in demand being higher than supply, leading to a price increase. However, despite the high number of token burns, the price of SHIB is still declining.
Koyo Maintains Top SHIB Burner Status from March 2023
Koyo (KYO) maintains its top SHIB burner status for the second consecutive month, burning a massive 2.59 billion tokens. It burned 6.15 billion SHIB tokens in March 2023 through multiple transactions.
The biggest of its burn transactions in March was a transfer of 924.15 million SHIB to the dead wallet on March 17. Koyo also burned an additional 794.85 million tokens on March 28.
Koyo continued its aggressive burn rate in April 2023, sending 1.10 billion SHIB to the dead wallet on April 9. Additionally, Koyo followed up with another massive burn event on April 14, burning 1.49 billion SHIB tokens.
However, the burns had no impact on the value of Shiba Inu, as the token price is still down over 2% in the last 24 hours.
Shibarium Upgrade Could Change Price Performance
The current price decline could be a temporary setback due to the recent market downturn. One thing that could change the price performance is the Shibarium upgrade, which is yet to be announced.
Leading SHIB developer stated that the Shibarium upgrade would be here before May. However, the developer did not mention the year or provide further information.
Some members of the SHIB community responded to the reduced burn rates in April 2023. One Twitter user, Macguy, stated that the developers do not want to listen to the SHIB community's demands for more burns. He believes that the burns are being slow and deliberately drawn out and he announces that he has contributed his part by burning 10 million SHIB tokens.
Shiba Inu Price Analysis
SHIB is in a downward trend today and is falling below its support level of $0.0000102. It is also trading below its short-term and long-term 50-day and 200-day Simple Moving Averages (SMA), indicating a bearish sentiment.
The resistance levels for SHIB are set at $0.0000118, $0.000012, and $0.0000113, as it currently trades at $0.00000996. The Relative Strength Index (RSI) is at 36.26 and is trending towards the oversold range of 30.
SHIB is likely to experience another price decline in the coming days. However, the support of $0.00000973 will prove critical and could serve as a price pivot point for a recovery.
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