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Recent burn activities of the Shiba Inu (SHIB) token have generated optimistic expectations among traders. In the past 24 hours, the burn rate surged by 1547.97%, resulting in the destruction of approximately 13.29 million tokens. This development strengthens the belief that a decreasing supply could positively impact the token’s price in the future.
Burn Activities and Current Data
According to Shibburn data, the burn rate increased by 1547.97% in the last 24 hours, permanently removing a total of 13.29 million SHIB tokens from circulation. These burn activities aim to reduce the token supply, thereby increasing the value of the remaining tokens.
The total amount of SHIB tokens in circulation is reported to be approximately 589.25 trillion. This data indicates that burn activities play a significant role in reducing supply.
Market Expectations and Insights
Market observers indicate that a lower supply could pave the way for upward movements in the token price. Over the last 24 hours, the SHIB price increased by 1.72%, reaching $0.000013. This rise reflects the positive impact of burn activities on the price.
Analysts suggest that if the price surpasses current resistance levels, SHIB could reach higher levels. Specifically, technical analyses show that breaking certain resistance levels may lead to further price increases.
Traders predict a positive trend in the market based on the current data. The diminishing supply is expected to stabilize the market, positively reflecting on the token price. Therefore, it is advised that traders closely monitor market developments.
Considering market dynamics and historical price movements, strategic burn activities are believed to potentially improve the token price in the long run. This situation shapes the future expectations of traders.
