- SHIB Experiences Surge as Tokens Worth $1.7 Billion Burned to Control Supply
- Steady SHIB Price Movements Indicate It’s Evolving Beyond a Meme Currency
- Bullish Buy Signal Emerges on SHIB/USD Chart with Golden Cross
In the past 24 hours, an astounding amount of $1,695,572,371 (equivalent to $17,000) worth of SHIB has been burned with the aim of reducing its circulating supply and increasing its value. As a result of this action, the circulating supply of SHIB has significantly decreased, leading to a remarkable surge in its value.
— SHIB HODLER (@ShibaInuHodler) May 5, 2023
Following this development, bullish sentiment has prevailed in the SHIB market throughout the last 24 hours. This has resulted in a price increase from a low of $0.000009848 to a high of $0.00001003 within the same period. As of the current press time, the influence of the bulls remains strong, leading to a further 1.10% surge, bringing the price to $0.00001001.
In the past week, a significant number of approximately $3,978,227,706 tokens have been burned. However, despite this development, the price of SHIB has remained relatively stable, with fluctuations ranging between a high of $0.00001036 and a low of $0.000009809 over the same seven-day period. This consistency indicates that SHIB is no longer solely seen as a meme currency, but rather it is now influenced by broader movements in the cryptocurrency market.
During the bullish market period, the market capitalization of SHIB increased by 1.06% to reach $5,897,207,439, while the 24-hour trading volume saw a significant surge of 57.12% to reach $136,225,915. This spike in numbers can be attributed to the positive response from investors towards the token burning, which they viewed as a commitment from the team to enhance the value of their investments.
Image source: “thenewscrypto”
SHIB/USD Technical Analysis
On the SHIBUSD 1-hour price chart, a bullish signal known as a golden cross has occurred. This happened when the 5-day moving average crossed over the 100-day moving average from below. The values at the time of the cross were $0.00001001 for the 5-day moving average and $0.00000998 for the 100-day moving average, indicating a positive market trend.
The golden cross signal, which suggests a bullish market outlook, indicates a potential price increase for SHIBUSD. This signal may prompt traders and investors to consider buying or expanding their long positions in anticipation of favorable market conditions.
The Relative Strength Index (RSI) score of 60.18 suggests that the current bullish momentum has room to grow, as it has not reached the overbought threshold of “80” yet. This increase in momentum heightens traders’ expectations of a continued bull market, further reinforcing the buy signal indicated by the golden cross.
Image source: “thenewscrypto”
To sum up, the recent token burning activity in SHIB has resulted in a surge in prices and a notable increase in market capitalization. The fact that SHIB has remained stable despite the significant token burning indicates its progress beyond being just a meme currency, showcasing its growth and development in the market.