The Shiba Inu community recently gained attention after approximately 284 million tokens were burned irreversibly in the last 24 hours. The burning of tokens has brought positive expectations within the long-term supply-demand balance framework. Following this development, the market has begun to evaluate with cautious optimism regarding the future.
Token Burning Process and Volume
According to official data providers, about a 38000% increase in Shiba Inu tokens was burned in the last 24 hours. In particular, the destruction of 263.70 million tokens from a specific wallet address attracted considerable attention. These large-scale transactions are considered within the burning mechanism impacting the permanence of tokens.
Tokens are sent to a special “empty” address, making them unrecoverable. While this reduces the number of tokens in circulation, it is believed that the pressure on supply can positively impact prices in the future.
Market Commentary and Price Status
Following the burn, SHIB‘s price hovers around $0.000013. Market analysts state that such large burns do not have profound impacts on the price in the short term. However, in the long term, it is expected that the reduction in supply will support the price.
The current trading volume and price consolidation have led to a cautious approach among investors. Currently, the existing support level is seen at $0.000012.
Future Expectations
According to some market assessments, SHIB is currently in a buying zone. Investors anticipate that a price increase may occur soon based on technical data and on-chain indicators.
CoinGape: Strong technical indicators and on-chain data point to a price increase in the near future.
This assessment supports the general view that restricting the supply over a long period will increase investor confidence.
This large-scale token burn movement by the community contributes to the formation of forward-looking expectations in the market. In light of existing data, it is crucial to closely monitor support levels and technical indicators.
