March has been quite a turbulent month. With major price changes and failing banking systems, the crypto industry was under the spotlight. In addition, the Shiba Inu network welcomed the beta version of Shibarium. Alongside, the burn rate of the asset witnessed a significant rise when compared to February 2023.
Last week, Shibburn, a Shiba Inu burn tracking portal noted that a total of 6.78 billion SHIB tokens were burned in March 2023. However, earlier today, the portal corrected these numbers. An additional 326,548,834 SHIB was reportedly sent to a contract that has been renounced with ownership set to a null address. According to revised data, a total of 7,109,337,371 SHIB tokens were burned last month. Furthermore, with this revised data, 1,002,593,057 tokens have been reportedly sent to the SHIB contract in 2023. The portal further 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 unaccounted for [sent to the contract], bringing the total to 100,497,889,339 SHIB burnt.”
At press time, however, the burn rate was up by 81.44% and a total of 25,604,920 SHIB tokens were sent to a dead wallet.
Shiba Inu’s daily dip crosses 3%
Alongside the rest of the market, SHIB was in a downtrend. The asset was trading for a low of $0.00001083 with a 3% daily plummet, at press time. However, the meme coin’s daily chart suggested that this trend is unlikely to persist.
As seen in the above chart, Shiba Inu has been consolidating for quite some time now. Some upward action could be witnessed over a couple of days. The MACD indicator continues to stay in a bullish crossover. Additionally, the Relative Strength Index [RSI] indicator remained neutral. The asset was slowly trying to enter the buyers’ zone which is deemed to be bullish for the meme coin.