The Shiba Inu Community’s Token-Burning Strategy
The Shiba Inu community has seen a significant increase in the token-burning rate, reaching 1,632% in the last 24 hours. This surge is attributed to the efforts of $SHIB supporters and various groups dedicated to reducing the coin’s available supply.
Data from the Shibburn burn tracker reveals that 9.6 million $SHIB tokens were transferred to dormant wallets within the past day. The majority of these burned tokens came from a single wallet address, while smaller amounts were contributed by several other wallets.
With approximately 410,662,442,480,410 $SHIB tokens already burned, there are still around 580 billion tokens in circulation.
SHIB Crypto Price Prediction
Investors are working to push $SHIB’s price above the $0.000009 threshold. Currently trading at $0.0000084 with a 24-hour trading volume of $245.02 million and a market cap of $4.98 billion, the price has seen a 4.39% increase in the last 24 hours, fluctuating within a range of $0.0000069 to $0.0000078.
Shiba Inu has been forming both higher and lower highs, indicating a modest upward trend. If the price breaches this trendline, it could rally to $0.000010, with expected average and minimum prices ranging between $0.0000094 and $0.0000098.
Hot Take: Impact on SHIB Price
Despite the recent progress in burning tokens, analysts suggest that a substantial impact on $SHIB price may require the elimination of many more tokens.
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