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- A total of 2,726,655,616 SHIB has been burned over the past week.
- Shiba Inu is steadily building momentum in the market.
The ongoing memecoin season, initiated by the prominent meme coin Shiba Inu (SHIB), has continued to engage the SHIB Army and its community. The meme token has recently shared its forthcoming updates.
Moreover, since the launch of the Shibarium testnet in early March, the Shiba Inu community has maintained its daily SHIB burns, which have increased significantly. Recently, the weekly amount of SHIB coins removed from circulation has surged to several billion.
As reported by Shibburn, in just one week, 2,726,655,616 SHIB have been sent to dead wallets, rendering them unusable. Additionally, 18,922,877 SHIB were eliminated in five transactions within the last 24 hours.
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Despite efforts to recover in recent days, Shiba Inu’s growth has only reached 2% since May 24.
Will Shiba Inu Price Rebound in the Market?
The current price of Shiba Inu has seen minimal movement in the last 24 hours, standing at $0.000008556. It has decreased by 1.5% over the past week amid a turbulent period for the cryptocurrency market. Furthermore, SHIB has experienced a 16.6% decline over the last month, although it has increased by 5% year-to-date, contrasting with the more substantial gains of many other major cryptocurrencies.
Additionally, SHIB has risen by 1% from a low recorded yesterday, suggesting that the altcoin may be on the verge of regaining some essential momentum.
Shiba Inu (SHIB) Price Chart (Source: Tradingview)
The relative strength index of SHIB’s chart, which indicates overselling, has climbed to 50 after being at 30 the previous day. This indicates that SHIB is slowly gaining some momentum, suggesting a potential shift in its market activity.
