The Shiba Inu community is determined to reduce the circulating supply of SHIB tokens, and they have intensified their efforts to burn tokens, despite the token’s declining price in the last week. The burn rate has seen a significant spike, increasing by almost 48,000%. This commitment to reducing the token supply is believed to have a positive impact on the token’s value.
SHIB Community Intensify Token Burn Efforts Following Slight Decline
Data from the Shiba Inu burn tracker, Shibburn, shows that the burn rate has surged by 47,908% in the last 24 hours. Over the past week, more than 290 million SHIB tokens have been burned, with the most notable burn transaction involving 28.15 million SHIB tokens transferred by an unknown address.
In total, the SHIB community has removed 410.66 trillion tokens from the initial supply, leaving approximately 589.34 trillion coins still in circulation. While the Shiba Inu community has been working to introduce scarcity through token burns, the burn rate can fluctuate from day to day.
Shiba Inu Price Outlook
Despite the community’s efforts and optimism, the price of Shiba Inu has seen a decline in the past week, dropping by over 1%. As of the time of writing, SHIB is trading at $0.000008345, with a 4% decline in the last 24 hours. The price chart suggests a possible further decline for the asset, but there is hope for a rebound as SHIB still holds nearly 20% of its past month’s gains.
Hot Take: SHIB Community’s Burning Efforts Lead to Surge Despite Price Decline
The surge in SHIB burning efforts by the Shiba Inu community has led to a massive increase in the burn rate, despite the token’s declining price in the past week. This shows the community’s dedication to reducing the circulating supply of SHIB tokens, and it will be interesting to see if their efforts will eventually have a positive impact on the token’s price.
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