{"id":521478,"date":"2023-03-01T15:15:34","date_gmt":"2023-03-01T15:15:34","guid":{"rendered":"https:\/\/wncen.com\/?p=521478"},"modified":"2024-06-11T07:49:39","modified_gmt":"2024-06-11T07:49:39","slug":"shiba-inu-price-pivotal-point-352-million-shib-burned","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-price-pivotal-point-352-million-shib-burned\/","title":{"rendered":"Shiba Inu Price At Pivotal Point, Only 352 Million SHIB Burned In February"},"content":{"rendered":"

Just like the broader crypto market, the Shiba Inu (SHIB) price is currently at a crucial turning point from a technical chart analysis. In addition, the SHIB burn rate in February has fallen short of expectations, which is likely to reinforce bearish sentiment.<\/p>\n

SHIB Burn Rate Turns Out Extremely Low In February<\/h2>\n

The Twitter account of the SHIB Burn tracker “Shibburn” today shared<\/a> the final count of all Shiba Inu coins that were destroyed in the past month of February. A total of 352,210,738 (approximately 352.21 million) SHIB were burned through 128 separate transactions by the community-led burn initiatives.<\/p>\n

Compared to the previous month of January, this represents a significant decrease in both the number of burn transactions and the total amount of SHIB destroyed. In January, approximately 1.12 billion were burned forever in 223 transactions.<\/p>\n

This negative trend is confirmed by last year’s data. In December 2022, 2.072 billion SHIB were burned in 349 transactions; in November, 1.922 billion SHIB were burned in 381 transactions; in October, 9.05 billion SHIB were burned in 2,433 transactions; and in September, 1.743 billion SHIB were burned in 382 transactions.<\/p>\n

Related Reading: Shiba Inu Based BONE Poised For New All-Time High? Here\u2019s Why<\/a><\/div>\n

These figures show that February was extremely weak in terms of burn rate, especially since not even the earlier figures are enough to massively reduce the circulation of all SHIB within the next few years.<\/p>\n

The Shiba Inu community continues to regulate the supply of Shiba Inu through strategic burns and stakes. Of the original supply of 1 quadrillion SHIB, 410.376 trillion SHIB have already been burned, with Ethereum co-founder Vitalik Buterin being solely responsible<\/a> for 410 trillion SHIB.<\/p>\n

If Shiba Inu is to reach the “magical” value of $1<\/a> each, the burn rate will have to be ramped up tremendously. At the current supply, Shiba Inu would need an astronomical market capitalization of over $500 trillion, more than the GDP of all the countries in the world combined, to reach this value.<\/p>\n

Related Reading: Shiba Inu Jumps 4% As Lead Dev Answers \u2018When Shibarium\u2019<\/a><\/div>\n

This is another reason why the SHIB community nurtures high hopes regarding Shibarium. With the launch of Shibarium, new burn mechanisms could emerge to burn more SHIB, reducing the total amount and increasing the price per token.<\/p>\n

Shiba Inu Price Is at Critical Level<\/h2>\n

In the 1-day chart, SHIB is also facing a critical inflection point. The first reason for this is that the Shiba Inu price barely holds above key support at $0.000012. Yesterday, SHIB managed to close above this pivotal support on the 1-day chart. At the time of writing, SHIB was at $0.00001234.<\/p>\n

On the other hand, SHIB is approaching the 200 Exponential Moving Average (EMA) again on the daily chart. This is considered an indicator of long-term trends. If the price breaks below the 200 day EMA again, this could be a technical signal for a bearish trend reversal.<\/p>\n

Contrary, in case of a bounce to the upside, the SHIB price could target the price level at $0.00001382.<\/p>\n

\"Shiba
SHIB price, 1-day chart | Source: SHIBUSD on TradingView.com<\/figcaption><\/figure>\n
Featured image from Wallpapersden, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Just like the broader crypto market, the Shiba Inu (SHIB) price is currently at a crucial turning point from a technical chart analysis. In addition, the SHIB burn rate in February has fallen short of expectations, which is likely to reinforce bearish sentiment. SHIB Burn Rate Turns Out Extremely Low In February The Twitter account of the SHIB Burn tracker “Shibburn” today shared the final count of all Shiba Inu coins that were destroyed in the past month of February. A total of 352,210,738 (approximately 352.21 million) SHIB were burned through 128 separate transactions by the community-led burn initiatives. Compared to the previous month of January, this represents a significant decrease in both the number of burn transactions and the total amount of SHIB destroyed. In January, approximately 1.12 billion were burned forever in 223 transactions. This negative trend is confirmed by last year’s data. In December 2022, 2.072 billion SHIB were burned in 349 transactions; in November, 1.922 billion SHIB were burned in 381 transactions; in October, 9.05 billion SHIB were burned in 2,433 transactions; and in September, 1.743 billion SHIB were burned in 382 transactions. Related Reading: Shiba Inu Based BONE Poised For New All-Time High? Here\u2019s Why These figures show that February was extremely weak in terms of burn rate, especially since not even the earlier figures are enough to massively reduce the circulation of all SHIB within the next few years. The Shiba Inu community continues to regulate the supply of Shiba Inu through strategic burns and stakes. Of the original supply of 1 quadrillion SHIB, 410.376 trillion SHIB have already been burned, with Ethereum co-founder Vitalik Buterin being solely responsible for 410 trillion SHIB. If Shiba Inu is to reach the “magical” value of $1 each, the burn rate will have to be ramped up tremendously. At the current supply, Shiba Inu would need an astronomical market capitalization of over $500 trillion, more than the GDP of all the countries in the world combined, to reach this value. Related Reading: Shiba Inu Jumps 4% As Lead Dev Answers \u2018When Shibarium\u2019 This is another reason why the SHIB community nurtures high hopes regarding Shibarium. With the launch of Shibarium, new burn mechanisms could emerge to burn more SHIB, reducing the total amount and increasing the price per token. Shiba Inu Price Is at Critical Level In the 1-day chart, SHIB is also facing a critical inflection point. The first reason for this is that the Shiba Inu price barely holds above key support at $0.000012. Yesterday, SHIB managed to close above this pivotal support on the 1-day chart. At the time of writing, SHIB was at $0.00001234. On the other hand, SHIB is approaching the 200 Exponential Moving Average (EMA) again on the daily chart. This is considered an indicator of long-term trends. If the price breaks below the 200 day EMA again, this could be a technical signal for a bearish trend reversal. Contrary, in case of a bounce to the upside, the SHIB price could target the price level at $0.00001382. Featured image from Wallpapersden, Chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":521502,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,83667],"class_list":["post-521478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shiba-inu"],"acf":[],"yoast_head":"\nShiba Inu At Pivotal Point, 352 Million SHIB Burned In February<\/title>\n<meta name=\"description\" content=\"Shiba Inu (SHIB) is currently at a crucial turning point from a technical chart analysis, but also the SHIB burn rate.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Shiba Inu Price At Pivotal Point, Only 352 Million SHIB Burned In February","url":"http:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-price-pivotal-point-352-million-shib-burned\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-price-pivotal-point-352-million-shib-burned\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/wallpapersden.com_hd-shiba-inu-coin-cryptocurrency_1920x1080.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/wallpapersden.com_hd-shiba-inu-coin-cryptocurrency_1920x1080.jpg?fit=1920%2C1080"},"articleSection":"Shiba Inu Coin","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["shib","shiba inu"],"dateCreated":"2023-03-01T15:15:34Z","datePublished":"2023-03-01T15:15:34Z","dateModified":"2024-06-11T07:49:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Shiba Inu Price At Pivotal Point, Only 352 Million SHIB Burned In February\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inu-coin\\\/shiba-inu-price-pivotal-point-352-million-shib-burned\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inu-coin\\\/shiba-inu-price-pivotal-point-352-million-shib-burned\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/wallpapersden.com_hd-shiba-inu-coin-cryptocurrency_1920x1080.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/wallpapersden.com_hd-shiba-inu-coin-cryptocurrency_1920x1080.jpg?fit=1920%2C1080\"},\"articleSection\":\"Shiba Inu Coin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"shib\",\"shiba inu\"],\"dateCreated\":\"2023-03-01T15:15:34Z\",\"datePublished\":\"2023-03-01T15:15:34Z\",\"dateModified\":\"2024-06-11T07:49:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/wallpapersden.com_hd-shiba-inu-coin-cryptocurrency_1920x1080.jpg?fit=1920%2C1080","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/521478"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=521478"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/521478\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/521502"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=521478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=521478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=521478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}