The Shiba Inu (SHIB) community has witnessed a massive surge in its burn rate, skyrocketing by 23,265.28% over the last 24 hours. A total of 270.7 million SHIB tokens were permanently removed from circulation through a series of transactions. This indeed highlights the community’s commitment to reducing the meme crypto‘s circulating supply.
Shiba Inu’s Latest Token Burn
Among the significant burns today, the largest transaction involved 209.3 million SHIB tokens sent to a dead wallet by the wallet address 0x0b5fe…. This single burn accounted for nearly 77% of the total daily burn volume, making it a pivotal moment in the latest burn activity, according Shibburn data.
Another substantial transaction came from wallet 0x86839, which burned 48.2 million SHIB around 15 hours ago. Meanwhile, wallet 0xa713e contributed by burning 6 million SHIB approximately nine hours ago. Smaller yet notable transactions include a burn of 1.8 million SHIB by 0x670a5 and 37,125 SHIB by 0xc664c.
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This unprecedented spike in the burn rate has reignited optimism within the SHIB community, with many speculating a potential price rally. Burn events typically reduce the circulating supply of tokens, potentially increasing scarcity and driving up price in the long term.
SHIB Price Outlook
As of now, Shiba Inu’s price remains relatively stable. However, with burn events like these gaining momentum, SHIB holders are eagerly anticipating the token’s next move. Analysts suggest that consistent burns of this magnitude could bolster the token’s deflationary narrative, possibly pushing its price to new heights in the future.
Currently, the SHIB price is well above the critical support level of $0.000025. Hence, there are high chances of a rally to $0.00003, considering the recent market dynamics and community support. As of writing, the Shiba Inu price stood at $0.00002578, up by 0.11% on Thursday, November 28.
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Also Read: SHIB Price Ready to Soar? Bullish Patterns to Watch Today
