Shiba Inu Community Burns SHIB: Boosting Tokenomics
The Shiba Inu community has taken a significant step to boost the tokenomics of SHIB by burning a massive number of tokens. This move comes as the meme coin’s performance has been sluggish, leading to a bearish sentiment among investors. By reducing the token supply through burning, the community aims to create scarcity and increase demand for SHIB, ultimately driving up its price. Today, two burn transactions were revealed, with 25 million coins and 12.84 million coins being destroyed. While the burn rate was down 77% today, over 300 million coins have been burned in the past week, highlighting the community’s commitment to improving SHIB’s tokenomics.
Shiba Inu Price Declines
The price of Shiba Inu has experienced an 8.24% decline in the last 24 hours and is currently trading at $0.00002588. The Relative Strength Index (RSI) indicates a neutral market sentiment, with the token neither being overbought nor oversold. Despite this decline, SHIB has shown resilience by maintaining a price level between $0.000009 and $0.000044 over the past month. If there is a breakout rally, the price could potentially reach $0.0001 and beyond. Conversely, a downturn may push the token back to its support level of $0.00002.
Hot Take: Shiba Inu Burns Tokens Amidst Price Decline
Despite the recent decline in price, the Shiba Inu community has taken proactive measures to improve SHIB’s tokenomics by burning a significant number of tokens. This strategy aims to create scarcity and increase demand for the meme coin, potentially leading to an increase in its price. While the burn rate has decreased today, the community has shown dedication by burning over 300 million coins in the past week. The price of SHIB remains uncertain, but a breakout rally could push it to new heights. Investors and traders are closely watching how these developments unfold in the coming days.
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