- RSI shows SHIB nearing oversold levels with downward pressure building.
- ShibTorch portal hits 1.17B SHIB burned, driving supply reduction efforts.
Shiba Inu (SHIB) recorded a massive surge in its burn rate over the past 24 hours. The increase reflects the removal of over 20 million SHIB tokens from circulation.
Shibburn’s recent data show that SHIB’s burn rate surged by 2,486.70% in the last 24 hours. The jump led to 20,738,640 SHIB being permanently removed from supply during the period.
The increase coincides with the growing use of ShibTorch, a community-run burn portal. Data shows a total of 1,172,072,308 SHIB have now been burned via the portal. This marks a 5.62% increase from the previous week. Among the recent burn events, 20,579,343 SHIB were destroyed on May 31 at 06:01 UTC.
Earlier burns include 13,091,149 SHIB on May 28 and 14,374,042 SHIB on May 27. These transactions reflect the community’s steady push to reduce the token’s circulating supply and boost scarcity.
SHIB Price Weakens as Selling Pressure Builds
SHIB is trading at $0.0000129 against USDT, with no change recorded in the past 24 hours. The token has been in decline since early May, when it traded near $0.0000170. Daily chart patterns show a sustained bearish trend, with sellers dominating recent sessions.
Market volume currently sits at 1.62 billion SHIB, pointing to moderate activity. Technical indicators reflect weakening momentum.
The Relative Strength Index (RSI) stands at 38.42, signaling that the token is nearing oversold levels. The RSI also remains below its moving average of 48.41, confirming the downward momentum.
SHIB has lost its previous support near $0.0000140, triggering a sharp drop. Analysts note that if RSI values fall further, more losses may follow. For a reversal to occur, traders would need to reclaim short-term resistance levels and regain buyer interest.
Shytoshi Kusama Breaks Silence With Shibarium and AI Update
On May 29, Shiba Inu lead developer Shytoshi Kusama returned to social media after a period of absence. He confirmed that a new white paper for the SHIB ecosystem is currently being developed.
According to Kusama, the report will cover topics such as artificial intelligence, Shibarium upgrades, and broader Web3 strategies. He further stated that developer Kaal is working on swap features for cross-chain compatibility, which would allow Shibarium to interact with multiple blockchains.
While Kusama did not provide a release date, he indicated that the project remains active. He referred to working in an “AI Web3 futurist VC zone,” hinting at long-term development goals.
Despite the current downtrend, Kusama’s remarks have renewed optimism among the SHIB community. Technical analysts have identified key resistance near $0.00002865. A breakout above that level may depend on growing utility and Shibarium’s expansion.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
