Shiba Inu (SHIB) Witnesses a Surge in Token Burn Rate: A Pivotal Moment for the Meme Coin
- Shiba Inu (SHIB) has experienced a remarkable 357.48% increase in token burn rate over the past 24 hours.
- SHIB community’s efforts to burn tokens align with the broader goal of reducing supply, potentially driving up the coin’s value.
The Shiba Inu community is witnessing a substantial uptick in the burn rate of the meme coin Shiba Inu (SHIB). In a significant development, the token burn rate has surged by an impressive 357.48% over the past 24 hours, marking a pivotal moment for this dog-themed digital currency.
Data from Shibburn, a platform dedicated to tracking SHIB token burns, reveals that an astounding 14 million SHIB tokens were burned in the last 24 hours alone. This notable burn activity contributes to a reduction in the total supply of SHIB tokens, aligning with the broader community goal of creating scarcity and potentially enhancing the coin’s value. In the last seven days, a total of 152,246,124 SHIB tokens have been removed from circulation through various burn transactions.
HOURLY SHIB UPDATE$SHIB Price: $0.0000095 (1hr -0.20% ▼ | 24hr 0.75% ▲ )
Market Cap: $5,593,692,960 (0.71% ▲)
Total Supply: 589,292,160,465,582TOKENS BURNT
Past 24Hrs: 14,000,832 (357.48% ▲)
Past 7 Days: 152,246,124 (-98.38% ▼)— Shibburn (@shibburn) January 21, 2024
Strategic Token Burning: SHIB Community’s Push for Scarcity and Value Enhancement
Despite recent market fluctuations, the Shiba Inu price has shown resilience. After rebounding from a low of $0.00000878, SHIB experienced a modest increase of 0.86% in the past 24 hours, reaching $0.0000095. However, SHIB bulls aiming to eliminate a zero from the token’s price faced resistance, hindering the coin from surpassing the $0.00001 threshold.
The key resistance zone for SHIB is currently between $0.000010 and $0.000014. Insights from IntoTheBlock suggest that significant SHIB purchases occurred within this range, indicating potential selling pressure as investors aim to break even.
Looking ahead, the Shiba Inu ecosystem is on the brink of a significant milestone, with the Layer 2 Shibarium network nearing 300 million total transactions. This, coupled with growing wallet addresses and total blocks, underscores the expanding reach and adoption of the Shiba Inu network.
The increased burn rate and upcoming milestones for Shiba Inu serve as key indicators of the token’s growing market presence and investor interest. As the SHIB community continues its concerted efforts to impact the token’s supply and value, the cryptocurrency market awaits the potential implications for Shiba Inu’s future trajectory.
