SHIB’s Price Up Slightly as 259+ Million Tokens Get Burned

The Shiba Inu (SHIB) token burn tracking platform Shibburn revealed in a X post earlier today that a total of 259,383,545 tokens have been burned over the past week. According to the post, these tokens were burned through 66 transactions.

In the last 7 days, there have been a total of 259,383,545 $SHIB tokens burned and 66 transactions. #shib pic.twitter.com/GSghYogKMy

— Shibburn (@shibburn) November 5, 2023

Although the amount of tokens burned in the past 7 days is impressive, it is a 52.4% decrease compared to the previous week. Meanwhile, the value of the tokens removed from circulation is estimated to be $2,061.78.

The recent token burns seem to have had a positive effect on the meme coin’s price, as CoinMarketCap showed that SHIB registered a 24-hour gain. At press time, SHIB was up 1.68% and was trading hands at $0.00000803 as a result. Notably, this daily gain was also enough to flip the cryptocurrency’s weekly performance to boost it to +1.18% as well.

SHIB was the best performing meme coin in the top 5 list of the biggest meme cryptocurrencies. In second place was Dogecoin (DOGE) with its 24-hour gain of 0.93%.

Daily chart for SHIB/USDT (Source: TradingView)

SHIB has been in a consolidation period between $0.00000755 and $0.00000847 over the past week, but may attempt to breakout above this channel in the next few days. If SHIB is able to close a daily candle above $0.00000847 within the next week, then it may have the foundation needed to rise to the subsequent resistance level at $0.00000965.

On the other hand, SHIB getting rejected by the $0.00000847 barrier could put it at risk of dropping to the $0.00000755 support level. Thereafter, continued sell pressure could force the meme coin’s price below this significant price point. Consequently, SHIB could drop to as low as $0.00000700 through the course of the following few days.

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