The Shiba Inu (SHIB) burn rate has surged an astounding 365,668.37%, with a total of 27.49 million SHIB tokens burned in recent transactions. This massive spike in the burn rate marks a significant effort to reduce the overall supply of SHIB tokens, which could potentially impact the crypto‘s price in the coming weeks.
Shiba Inu Community’s Burn Efforts
Notably, the largest burn transaction is the one that occurred 20 hours ago, where a staggering 27.1 million SHIB tokens were sent to a dead wallet, according to Shibburn data. Another notable transaction involved the burn of 385,991 SHIB tokens, which took place 16 hours ago. While smaller burns, like a 4,041 SHIB transaction from 12 hours ago, continue to occur, these larger burns play a pivotal role in reducing supply.
With the SHIB burn rate at these levels, investors and traders are closely watching for a potential price surge. By reducing the circulating supply, burning creates scarcity, which can increase demand and drive up the token’s value. However, SHIB price movement will depend on broader market conditions, investor sentiment, and continued burn activity.
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As of now, Shiba Inu has not yet seen a substantial price increase following the burn events, but the spike in burn rate demonstrates the community’s commitment to long-term growth. Whether these efforts will yield the desired price appreciation remains to be seen. Nonetheless, the increased burn rate is a notable step toward reducing the massive supply of the meme-inspired token.
SHIB Price Analysis
Currently, Shiba Inu price is grappling with a short-term downtrend. At press time, the SHIB price fell by 3.01% to $0.00001769 on Wednesday, October 23. Moreover, the 7-day loss is now nearing 5%.
Despite this sluggish performance, the popular dog-faced meme coin has surged by 23% in the last 30 days. Also, analysts remain optimistic on Shiba Inu’s future trajectory. If the SHIB price reclaims the crucial level of $0.00001850, it could set the stage for further gains.
In case the bullish momentum persists, SHIB may even enter the critical resistance zone of $0.000020 and $0.000021. Hence, crypto analysts predict a surge to the $0.00003 level if the meme coin surpasses this resistance zone.
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