Shiba Inu Burn Frenzy: More Than 15 Billion Tokens Scorched In May

The Shiba Inu community burnt over 15 billion SHIB tokens in May 2023, showing their commitment to reducing the circulating supply. The intention of such burns is to reduce the total supply of the coin from market

Blaze Token is the top SHIB burner of the month, with MARSWAP (MSWAP) and Coinbase 10 among the top burners. According to Shibburn, 15.36 billion SHIB, were burnt in 191 transactions in May 2023. 

Top SHIB Burners

Blaze Token emerged as the top SHIB burner for May 2023, with its largest burn executed on May 29, seeing over 3.60 billion SHIB tokens sent to the dead wallet. Also, Blaze token burnt 2 billion SHIB on May 2, 1.69 billion SHIB on May 8, and 1.23 billion SHIB on May 22.

A new crypto project, MARSWAP, ranks second on the top SHIB burners list. The crypto project launched on ShibSwap DEX burnt 1.35 billion SHIB in 100 transactions on May 24. 

Additionally, a Coinbase-affiliated wallet tagged Coinbase 10 contributed 200.58 million SHIB burns to the total burns on the network. However, the increased burn rate did not affect Shiba Inu’s price as it still displays volatility. 

SHIB Price Prediction

SHIB is trading in a downtrend today, forming a fourth consecutive red candle on the daily chart as it forms lower lows. It is trading below its 50-day and 200-day Simple Moving Averages (SMA), a short and long-term bearish sentiment.

Also, its Relative Strength Index (RSI) is 35.64, close to the oversold region of 30. This also confirms the bearish sentiment as the indicator moves downwards. 

SHIB’s Moving Average Convergence/Divergence (MACD) is above its signal line but shows a negative value, and the histogram bars are fading, hinting at a bearish trend. These indicators imply that SHIB will likely continue in the bearish phase till the bulls rally again. SHIB is approaching the 38.2% Fibonacci level ($0.00000839), its closest support level.

Hopefully, if SHIB doesn’t fall below that support level, it can rally to the 23.6% Fib level ($0.00000869), its nearest resistance level. A move above the $0.00000869 resistance level will mean a price recovery for SHIB. 

Shiba Inu Reclaims Security Rating, A Plus For Its Network

Shiba Inu reclaimed the top security rating on blockchain security audit company CertiK’s list. Previously, the company reduced Shiba Inu’s rating from AAA to AA, a second-class rating. Shiba Inu reclaimed the top security (AAA rating of 94 out of 100), which was its former security level.

Also, CertiK hosted an Ask-Me-Anything (AMA) session on Twitter spaces to respond to questions from the community. The focus of the discussion bordered on the upcoming Shibarium mainnet, security ratings, and network tokenomics.

Featured image from Pixabay and chart from TradingView