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Shiba Inu community burned 15 billion SHIB tokens In May 2023, showing its commitment to reduce the circulating supply. The intent of such a burn is to reduce the total supply of coins from the market.
Blaze Token is the top SHIB burner of the month, with MARSWAP (MSWAP) and Coinbase 10 among the top burners. According to shibburnIn May 2023, 15.36 billion SHIB were burned in 191 transactions.
Top SHIB Burner
Blaze token emerges as top SHIB burner for May 2023, with its largest burn executed on May 29 over 3.60 billion SHIB tokens sent to dead wallet. Furthermore, Blaze Token burned 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, is on the second spot on the top SHIB burner list. The crypto project launched on the ShibSwap DEX burned 1.35 billion SHIB in 100 transactions on May 24.
Additionally, a Coinbase-affiliated wallet tagged Coinbase 10 contributed 200.58 million SHIB burned to the total burned on the network. However, the increased burn rate did not affect the price of the Shiba Inu as it still displayed volatility.
shib price prediction
SHIB is trading in a downtrend today, forming its 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 Average (SMA)A short and long term bearish sentiment.
Also, its Relative Strength Index (RSI) 35.64, close to the oversold area of 30. This also confirms the bearish sentiment as the indicator moves to the downside.
Shib’s Moving Average Convergence/Divergence (MACD) Its signal line is above but showing a negative value, and the histogram bars are fading, hinting at a bearish trend. These indicators imply that SHIB is likely to continue in the bearish phase until the bulls rally again. SHIB is approaching 38.2% Fibonacci Levels ($0.00000839), the nearest support level of it.
Hopefully, if SHIB does not break below that support level, it can rally towards its nearest resistance level 23.6% Fib level ($0.00000869). A move above the $0.00000869 resistance would mean a correction in SHIB price.
Shiba Inu Reclaims Safety Rating, A+ For Its Network
The Shiba Inu received the top security rating on a list from blockchain security audit company CertiK. Earlier, the company had downgraded the Shiba Inu’s rating from AAA to AA, which is a Category II rating. The Shiba Inu regained the top safety (AAA rating of 94 out of 100), which was its former safety level.
Also, CertiK hosted a Ask-Me-Anything (AMA)) Sessions on Twitter Space to answer questions from the community. Discussion focus on the upcoming Shiberium mainnet, security rating and network tokennomics.
Featured image from Pixabay and Chart from TradingView
