Shiba Inu price readies to breakout after 1 billion SHIB burned

• Shiba Inu price breaks out of downtrend, analysts predict a quick move higher in the Dogecoin-killer meme coin. 
• 1.02 billion Shiba Inu tokens sent to dead addresses and pulled out of circulation since March 22, 2022. 
• NOWPayments, a non-custodial payments processor, has introduced a feature for merchants to burn a percentage of profits in Shiba Inu. 

Shiba Inu price could recover from the recent drop in price as the community and merchants send SHIB to the burn pot. Over 1.02 billion SHIB tokens were burnt in a 24-hour period on March 22, 2022. 

Also read: AMC stock surges on the return of retail, GME pops 30% as Ryan Cohen buys

Shiba Inu price primed for a big move

Shiba Inu price has posted 8% gains over the past week, as the supply of the meme coin under circulation continues to shrink. Within 24 hours on March 22, 2022 over 1.02 billion SHIB tokens were sent to dead wallets and pulled out of circulation. 

An additional 244.5 million Shiba Inu tokens were sent to the mid-April burn pot, further reducing the meme coin supply. NOWPayments, a cryptocurrency payment gateway, has introduced a new feature to allow merchants to burn a portion of their profits in Shiba Inu. 

Merchants using the payment gateway can choose a percentage markup for burning tokens; once NOWPayments calculates the specific amount of Shiba Inu tokens, they are automatically sent to a dead wallet. 

The Shiba Inu tokens that were pulled out of circulation are sent to “inferno” wallets, as a commitment to reduce the SHIB supply in circulation and increase the value of the circulating supply. 

Over 411 transactions, over 1.02 billion SHIB tokens were destroyed, the equivalent of $24,296. A total of 410 trillion Shiba Inu tokens, worth $9.6 billion have been burned till date. 

Analysts have evaluated the Shiba Inu price trend and predicted a breakout in the meme coin. FXStreet analysts predict a 30% spike in Shiba Inu price, though the meme coin lags behind. Analysts note that the Shiba Inu price chart reveals that the Dogecoin-killer is ready to test $0.000026. As the Ichimoku cloud ahead is thin, analysts argue there is not a lot of resistance ahead, and Shiba Inu could break into an uptrend.