Shiba Inu Community Reduces Circulating Supply of SHIB Tokens
The Shiba Inu community is actively reducing the circulating supply of SHIB tokens, indicating a potential reversal in the cryptocurrency’s price. This has resulted in a significant increase in the SHIB burn rate, with millions of tokens being taken out of circulation.
SHIB Burn Rate Surges by 152%
In the past 24 hours, there has been a notable rise in the number of SHIB tokens burned. Data from the Shiba Inu burn tracking website Shibburn shows that the SHIB burn rate has increased by over 90%.
During this time, approximately 47.38 billion SHIB tokens have been sent to burn addresses, compared to just over 20 billion tokens the previous day. This surge indicates a shift in activity following a lackluster weekend.
Increased Burning Activity in the Last 12 Hours
A total of 29 wallets have participated in burning activities in the past day. Interestingly, most of these burns occurred in the last 12 hours, with over 20 wallets sending tokens to burn addresses during this period.
However, while the burn rate for the weekly timeframe is still low and lower than the previous week’s numbers, Shibburn reports that 276.8 billion tokens have been incinerated in the past seven days.
Shiba Inu Price Reversal Potential
The decline in Shiba Inu’s price below the $0.000007 level suggests a bearish takeover. However, this could be short-lived as historically, bearish periods have often signaled bottoms and presented opportunities for investors to buy at low prices.
The meme coin’s price is currently below its moving averages, indicating a bearish trend in the short term. However, a potential reversal could occur, leading to a takeover of the $0.000007 support level. Further rallies would likely depend on broader market conditions and the performance of cryptocurrencies like Bitcoin.
Hot Take: Shiba Inu Community Drives Increased SHIB Burn Rate
The Shiba Inu community is actively reducing the circulating supply of SHIB tokens, resulting in a significant surge in the SHIB burn rate. Over 47 billion tokens have been burned in the past 24 hours alone, marking a sharp increase compared to previous figures.
While this increased burning activity suggests a potential reversal in Shiba Inu’s price, it remains to be seen whether this momentum can be sustained. The overall burn rate for the week is still relatively low, indicating room for improvement.
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