March was quite a turbulent month. With major price changes and to fail banking systems, the crypto industry was in the spotlight. In addition, the Shiba Inu network welcomed the beta version of Shibarium. In addition, the asset’s burn rate had increased significantly back then compared until February 2023.
Last week, Shibburn, a portal for tracking Shiba Inu burns, noted that a total of 6.78 billion SHIB tokens had been burned by March 2023. Earlier today, however, the portal corrected these numbers. An additional 326,548,834 SHIB was reportedly shipped to a contract waived with ownership set to a null address. According to revised data, a total of 7,109,337,371 SHIB tokens were burned last month. In addition, with this revised data, 1,002,593,057 tokens have reportedly been sent to the SHIB contract in 2023. The portal continues wrote,
“For the year 2022, we reported 83,347,071,504 tokens sent to dead wallets, but there were 17,150,817,835 SHIB that were not accounted for [sent to the contract]bringing the total to 100,497,889,339 SHIB burned.”
However, at the time of writing, the burn rate had increased by 81.44% and a total of 25,604,920 SHIB tokens were sent to a dead wallet.
Shiba Inu’s Daily Dip Exceeds 3%
Along with the rest of the market, SHIB was in a downward trend. The asset was trading as low as $0.00001083 with a daily drop of 3%, at the time of writing. However, the daily chart of the meme coin suggested that this trend is unlikely to continue.
As shown in the chart above, Shiba Inu has been consolidating for quite some time now. Some upward action could be seen for a few days. The MACD indicator remains in a bullish crossover. In addition, the relative strength index [RSI] indicator remained neutral. The asset slowly attempted to enter the buyer zone, which is considered bullish for the meme coin.