Shiba Inu Price Regains Momentum As Whale Burns 650,000,000 SHIB

Amidst the unsteady state of the crypto market, SHIB price has regained upward momentum as the Shiba Inu community continues to burn millions of the memecoin supply. 

In a recent development, Shiba Inu recorded its largest single wallet burn transaction in over one month. A whopping 650 million SHIB tokens were moved to the project’s dead wallet in one transaction, according to Shibburn data.  

Executed on April 14 by an unknown whale, this massive burn event depicted the Shiba Inu community’s commitment to reducing the hyperinflated supply of the second-largest memecoin by market capitalization. 

After this record-setting burn, combined with several other contributions, the total SHIB tokens burned from its initial total supply rose to 410,725,601,281,043 (~410.7 trillion). Shibburn data shows that Shiba Inu has an initial total supply of 999,982,361,839,226 (~999.9 trillion). 

Therefore, about 41% of Shiba Inu’s total supply has been burned so far, resulting in its circulating supply of 589,263,820,940,229 (~589.2 trillion) at press time. With 24,360,186 SHIB tokens burned in the last 24 hours, the Shiba Inu burn rate has increased by over 25%. 

Shib burn rate surges 25%
Source: Shibburn

Related: Shibburn States Why Vitalik Buterin’s 410T Shiba Inu Burn Failed to Boost SHIB Price

SHIB price gains

SHIB price appears to be regaining upward momentum in the mid-term after it retreated to $0.00001830 on Saturday. The price decline occurred amidst the broader crypto market correction triggered by the Iran-Israel conflict. 

However, at the time of writing, SHIB is trading at $0.00002258 — a critical resistance level that has been retested severally in the past months. The popular cryptocurrency has gained about 3.6% in the past 24 hours at press time but is down by 17% in the past seven days. 

Whether or not the continuous SHIB burns from community members will positively impact SHIB’s price in the long term is a matter of time. However, many positive developments have been recorded in the project ecosystem, including the strategic partnership between Shiba Inu and the CDSA to combat AI-driven problems using Shibarium

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