Recent reports from Shibburn’s Twitter account reveal that millions of SHIB tokens were burned in the past week through community-led efforts.
However, the burn rate has fallen below expectations. This article explores the details of the recent SHIB token burns, the market’s response amidst SEC lawsuits against major exchanges, and SHIB’s current price movements.
Over the past seven days, Shibburn reported a total of 38,373,239 SHIB tokens burned in 18 transactions, which is lower than the previous week’s figure of 282,730,986 SHIB.
In the last 24 hours, the burn rate slowed further, with only 1,073,047 SHIB tokens burned in two transactions. This decrease in burn activity may be attributed to the recent market quietness following the SEC’s lawsuits against Coinbase and Binance, accusing certain cryptocurrencies of being securities, including ADA, SOL, and MATIC.
Despite the regulatory challenges faced by other cryptocurrencies, Shiba Inu (SHIB) has managed to remain listed on platforms such as Robinhood and Bakkt.
However, SHIB’s price has been affected by market bearishness, dropping significantly to its current trading level. As of now, SHIB is trading at $0.0000069, showing a 1.02% increase in the last 24 hours and a 3.12% increase over the past week.
SHIB has slipped in the crypto market rankings, now ranking as the 18th largest cryptocurrency with a market valuation of $4.1 billion.
Following a steep decline on June 10, SHIB has started to regain some ground, showing signs of recovery as market conditions gradually improve.
Daily Relative Strength Index (RSI) indicators suggest an oversold level followed by a slight uptick. If SHIB manages to close positively today, it would mark the fourth consecutive day of gains since June 15.