15+ Billion Shiba Inu Tokens Burned in May: Frenzy Unleashed

In May 2023, the Shiba Inu community took a remarkable step by burning more than 15 billion SHIB tokens, demonstrating their unwavering dedication to decreasing the number of circulating coins.

These intentional token burns serve the purpose of effectively reducing the overall supply of the coin available in the market.

In the month of May 2023, Blaze Token emerged as the leading burner of SHIB, while MARSWAP (MSWAP) and Coinbase 10 also ranked among the prominent burners.

Shibburn reported a staggering total of 15.36 billion SHIB tokens being burnt through 191 transactions during this period.

Fanning the Flames: Unveiling the Top SHIB Burners Making Waves

In the month of May 2023, Blaze Token proved to be the frontrunner in burning SHIB tokens, showcasing their dominance as the top burner.

The most significant burn occurred on May 29, as an impressive number of over 3.60 billion SHIB tokens were successfully transferred to the dead wallet.

Additionally, Blaze Token carried out significant burns of 2 billion SHIB on May 2, 1.69 billion SHIB on May 8, and 1.23 billion SHIB on May 22, further solidifying their commitment to reducing the token supply.

Securing the second position on the list of top SHIB burners, MARSWAP, a promising crypto project, made a noteworthy impact.

Launched on the ShibSwap DEX platform, MARSWAP successfully burnt a substantial amount of 1.35 billion SHIB tokens, executing an impressive 100 transactions on May 24.

Furthermore, an affiliated wallet linked to Coinbase, known as Coinbase 10, significantly contributed to the total network burns by disposing of 200.58 million SHIB tokens.

Despite the heightened burn rate, Shiba Inu's price remained volatile and unaffected by these developments.

Exploring the Sideways Journey: Shiba INU Price Seeks Direction

Source: Tradingview 

For the past few weeks, the price of Shiba INU (SHIB) has been experiencing persistent selling pressure, leading to a consolidation phase within a narrow horizontal range.

At the time of writing, the SHIB price is currently valued at $0.00000853.

Taking a glance at the chart, it becomes apparent that all significant moving averages, including the 20-day, 50-day, 100-day, and 200-day moving averages, are positioned above the present price level of Shiba INU (SHIB).

This alignment of moving averages signals a conducive environment for bearish sentiment, suggesting a prevailing market dominance by sellers.

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