Will Price Action Follow SHIB’s Record Burn?

Since is launch in April 2022, the Shiba Inu burn portal Shibburn.com has been burning SHIB tokens at full steam. Today, however, the portal witnessed a spike in burn activity, with a surge of 385.95%.

The spike appears to have been the result of a single whale burning nearly 47 million tokens:

 

Apart from the transaction burns, SHIB fans have taken it upon themselves to participate in additional burns. Game developer Travis Johnson, who goes by SHIB Super Store on Twitter, has been using the Amazon affiliate program to burn additional Shiba Inu coins. Johnson is part of Amazon’s program where he receives a commission from the tech giant for people signing up using his link. Users can sign up for free trials for Amazon services, such as Audible, using Johnson’s link. Johnson uses the commission money to burn SHIB tokens.

According to Johnson, so far in the month of August, $220 worth of Shiba Inu tokens have been burnt from the Amazon program. The number of tokens comes to around 15 million. Moreover, the game developer stated that August has so far witnessed a 30% jump in burns using his Amazon links.

Additionally, what’s most interesting is that the burns did not cost anything to users. The money came entirely from Amazon commissions.

So far this month we have been able to burn $220 worth of SHIB by using Amazon.

$220 that did not cost anyone in the army extra money out of pocket!

Back to school is coming up, you could burn 3%-4% of your purchase price by shopping through this link!https://t.co/To0y0Pq7Cw pic.twitter.com/BKkYTLCkqz

— SHIB Super Store (@shib_superstore) August 17, 2022

 

Will there be Shiba Inu price action soon?

Furthermore, Shiba Inu (SHIB) witnessed a spike in its price over the previous weekend. The token is still 20% up in the seven-day charts. But, the burns probably did not have much to do with the price action. Shiba Inu’s game, Shiba Eternity has been launched for testing in Vietnam. The game reportedly is a big success, and this news most likely pushed SHIB’s price over the week.

The token is predicted to go higher as it successfully completed an inverted head & shoulders pattern, as pointed out by veteran trader Peter Brandt. Moreover, the project has several launches planned for this year.

Nonetheless, SHIB’s price has slumped since the weekend rally. The token is down 8% in the last 24 hours. At press time, SHIB was trading at $0.00001491.