Shiba Inu Coin Price: Future Prospects After SHIB Community Burns 774 Million Tokens during Downturn
The Shiba Inu community has shown remarkable dedication to burning tokens, even in the face of a crypto market downturn. In just one week, they burned a staggering 774 million SHIB tokens, which is nearly a 200% increase from previous rates. This increased burning activity is a testament to the community’s commitment to reducing token supply and potentially boosting the value of SHIB.
The sudden surge in burn rates has sparked discussions about its potential impact on the price of SHIB. While Bitcoin’s downward pressure is affecting other crypto assets, SHIB is experiencing a different scenario. As more tokens are burned, scarcity increases, which could drive up SHIB’s long-term value.
According to Shibburn, a platform that measures SHIB burn rates, the total burn value climbed by 193.39% to $774.13 million last week.
Despite the market dip, the burn rate for Shiba Inu tokens has skyrocketed by 489.87% in the last 24 hours, totaling $19.34 million. This spike has triggered discussions about its potential impact on SHIB’s price. In the past 24 hours, there have been a total of 657,148,384 SHIB tokens burned and 8 transactions.
The highest burn transactions recorded were 650 million, 61.9 million, and 25.85 million SHIB tokens. Since its inception, 410.72 trillion SHIB tokens have been burnt, reflecting the community’s ongoing commitment to reducing token circulation. However, the current circulating supply of the meme coin remains at 582.80 trillion SHIB.
In addition to the burning activity, Shibarium, the layer-2 blockchain supporting the SHIB ecosystem, has seen a significant increase in daily transactions, nearing the one-million mark. This surge underscores growing investor confidence in the Shiba Inu ecosystem and its potential for further growth and adoption.
Despite these promising moves, SHIB’s price has taken a hit lately, dropping by 7.46% to $0.00002159. Its trading volume in the last 24 hours has also dipped by 11.83% to $949.24 million. Over the past seven days, it has fallen nearly 25%, reflecting ongoing volatility in the crypto market.
According to on-chain data from IntoTheBlock, Shiba Inu aims to maintain a range of 51 trillion SHIB, valued between $0.000022 and $0.000025. Within this range, 57,520 addresses hold 51.27 trillion SHIB at an average price of $0.00023. Reclaiming this range could lead to resistance in the $0.000025 to $0.000030 range, while losing it may result in support in the $0.000019 to $0.000022 range.
As the Shiba Inu community continues to ramp up token burning amid market turbulence, all eyes are on SHIB’s path, eagerly waiting to see its resilience and potential for growth amidst volatility.