Shibburn reports that burn activity has rapidly increased in the past 24 hours on the Shiba Inu burning portal. Over 1.4 billion tokens have been burnt in over 160 transactions.
This one-of-a-kind burning mechanism was launched in alliance with Ryoshis Vision, an Ethereum-based DeFi project. The portal allows investors to burn their tokens and earn a passive income in return.
The developers are trying to shoot up the prices like last year, during SHIB’s all-time high April-May 2021 rally. The price of Shiba Inu rocketed up between April and May last year, as its market cap shot from mere thousands of dollars to $13 billion. The rise was linked to mass adoption as well as a huge coin burning of 41% of the Shiba Inu supply.
What do the charts say?
Shiba Inu’s efforts in burning tokens are not affecting the price action in a positive way. The coin is still slipping on the price charts with other metrics also suggesting a worrisome trend.
An initial hike was observed in the Shiba Inu volume, thus indicating a potential positive price action but that was not the case. The prices instead have been constantly falling since mid-April.
According to an IntoTheBlock report, the on-chain Shiba Inu transactions have also drastically increased since the portal’s launch on Sunday.
Large transaction spikes are frequently associated with increased activity from institutional players, or whales, who are either buying or selling. Such transactions were up by 414% recently, suggesting high on-chain volume.
Notably, there was a massive upturn in social dominance around the time of the portal’s launch. This upturn can solely be dedicated to the portal because of the Shiba Army’s efforts to get support.
Nevertheless, the huge surge withered away soon enough and is plummeting leading to a further blip in Shiba’s fortunes.