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In a significant development within the Shiba Inu (SHIB) ecosystem, the community’s transfer of a high number of SHIB tokens to a dead wallet address has led to a substantial increase in the token burn rate. Although the increase in the burn rate contrasts with SHIB’s notable price drop today, it is important to note that the altcoin has risen by approximately 200 percent in the last 30 days.
Strong Community Support for SHIB Burns
According to data compiled by Shibburn, the Shiba Inu community has transferred 25.16 million SHIB tokens to a dead wallet address in the last 24 hours. This support from the community for token burning has resulted in a 70 percent increase in the SHIB burn rate.
This initiative demonstrates the community’s determination to improve SHIB’s market dynamics, with a significant weekly token burn rate increase of 2081 percent, removing a total of 14.40 billion SHIB from circulation. The activity in token burns has strengthened the bullish expectations surrounding Shiba Inu.
Recent Price Drop Concerns Investors
Despite innovative initiatives such as the launch of the .shib naming service and strategic partnerships, SHIB’s price has experienced significant volatility in recent weeks and is currently trading at a considerable drop, at $0.00002982. This price drop has somewhat increased the concern among altcoin investors and enthusiasts.
However, amidst the price drop, prominent crypto analyst Jacob Crypto expressed optimism about SHIB’s potential for a sharp price movement in a recent YouTube video, emphasizing a bullish trend for Shiba Inu.
Derivative data pointing to a decrease in the funding rate weighted by open interest and a 33.56 percent increase in trading volume indicate a significant shift in market sentiment and potential price movement.
