Shiba Inu Continues Aggressive Token Burn Strategy
- Token Burn Progress: Shiba Inu has completed 20,696 burn transactions to date, permanently removing over 410,839,848,304,549 SHIB, valued at approximately $7.35 billion, which constitutes 41% of its total supply. This ongoing burn strategy underscores the project's commitment to a sustainable supply policy aimed at enhancing token value and stabilizing its ecosystem.
- Supply Reduction: Initially launched with a total supply of 1 quadrillion SHIB, the circulating supply has now decreased to 589,160,151,695,451 SHIB due to systematic burning efforts over the years, reflecting the platform's strategic aim to support the long-term economic structure by reducing circulation.
- Short-term Volatility: Recent data indicates that 1,591,370 SHIB were burned in the last 24 hours, marking an 81.28% drop compared to the previous day, contrasting sharply with a brief spike observed on April 15, suggesting that market reactions to burn activities can be quite volatile.
- Historic Burn Event: Ethereum co-founder Vitalik Buterin executed a landmark transaction in May 2021 by burning 90% of his SHIB holdings, removing over 410 trillion SHIB with a market value close to $7 billion, and this unprecedented burn continues to significantly impact Shiba Inu's supply dynamics.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 4 indicators are flashing buy, while 1 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1904.709 | 2040.194 | 2193.939 | 2329.424 | 2483.169 | 2618.654 | 2772.399 |
| Fibonacci | 2040.194 | 2150.68 | 2218.938 | 2329.424 | 2439.91 | 2508.168 | 2618.654 |
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