Exciting Developments in the Shiba Inu (SHIB) Community
There has been a significant increase in the burning of SHIB tokens recently, reflecting a positive trend for the meme coin’s ecosystem.
Increased SHIB Burn Rate: Insights and Impact on the Market
Recent data from the Shibburn explorer reveals a 62.58% surge in the rate of SHIB token burns in the past 24 hours, with approximately 6.9 million tokens eliminated through 10 transactions.
- The largest single burns were 2.55 million SHIB, 1.5 million SHIB, and 1 million SHIB, respectively.
- Over the last week, a total of 57.6 million SHIB tokens were burned, representing a 57% decrease from the previous week.
The decrease in the weekly burn rate indicates a declining trend in token removal, despite the recent spike in burning activity.
Market Response to SHIB Burn Events
Despite the intensified burning activity, the price of Shiba Inu has displayed only modest gains, with a 0.1% increase over the past 24 hours and a 1.6% rise over the week.
The platform has witnessed a total of 417.50 million transfers, with 1.8 million active wallets currently engaged.
Positive Price Outlook for Shiba Inu
Crypto expert Dami Defi has expressed optimism regarding Shiba Inu’s future price performance, noting the formation of a descending wedge pattern on the one-day timeframe.
- If the coin breaks out of this pattern, it could potentially lead to a price surge of over 50%, pushing SHIB to around the $0.000035 level.
Hot Take: The Future of SHIB
As the burning of SHIB tokens intensifies, the Shiba Inu community eagerly anticipates how this will impact the coin’s price and overall market dynamics.
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