- Shiba Inu’s burn rate surges, reducing token supply significantly.
- 823 million SHIB tokens burned this week, fueling market interest.
- SHIB price struggles but could rise with sustained burn momentum.
Shiba Inu (SHIB) has seen a remarkable surge in its burn rate over the last 24 hours, with nearly 180 million tokens removed from circulation. According to Shibburn, a total of 179,657,698 SHIB were burned, leading to an astonishing increase of 3,651.09% in the burn rate. This recent uptick marks a stark contrast to the past weeks, where only around 100,000 tokens were typically burned on some days.
Over the past seven days, the burn rate for Shiba Inu has been particularly high. In total, 823,406,713 SHIB tokens have been removed from circulation, contributing to a 2,639.08% rise in weekly burn activity. This trend has sparked interest among investors and enthusiasts, who are closely monitoring the potential long-term effects on the token’s price and market sentiment.
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A Shift in Shiba Inu’s Supply and Demand Dynamics
The significant burns have led to a noticeable reduction in Shiba Inu’s total supply. As of the latest data, the token’s total supply stands at 589,246,377,374,234 SHIB, down from its initial supply of one quadrillion tokens.
More than 410 trillion SHIB tokens have been burned since the token’s launch, signaling a gradual but steady decrease in available supply.
Price Trends and Market Impact
Despite the impressive burn figures, Shiba Inu’s price continues to face challenges. Although the broader cryptocurrency market has shown signs of recovery, SHIB is still trading below its key moving averages. At the time of writing, Shiba Inu was priced at $0.00000981, down 0.73% in the past 24 hours. This price remains far from the much-anticipated goal of eliminating a zero, a target that many SHIB holders have been hoping for in the long run.
However, analysts remain hopeful that if the burn rate continues at this pace, it could lead to a more significant price impact down the road. Support for SHIB is expected at $0.00000837 in the event of a price dip, while a push above its moving averages at $0.0000106 and $0.0000124 could trigger a fresh upward trend.
Future Outlook for Shiba Inu’s Burn Strategy
As Shiba Inu’s burn activity continues to capture attention, the community is left wondering whether this momentum can be sustained and whether it will translate into a more substantial impact on the token’s price in the future. The next few weeks will be crucial in determining the effectiveness of this ongoing burn strategy.
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