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The Shiba Inu (SHIB) community is closely monitoring a remarkable decline in token supply. In just the last 24 hours, approximately 17 million tokens have been burned, permanently removing them from circulation. This sudden increase in burn rate has led to a more optimistic outlook among market participants regarding price movements. Consequently, the token’s price has surged by 3% in a short time.
Supply Decreases While Price Expectations Rise
The burn transactions occurring within the Shiba Inu ecosystem are decreasing the token supply, paving the way for potential price increases. Recent data indicates that a total of 16.94 million SHIB tokens were permanently removed from circulation within 24 hours. When added to previous burn figures, a total of 410.74 trillion SHIB tokens have been burned to date. The current circulating supply of SHIB has thus reduced to around 584.37 trillion.
This development carries significant implications for the cryptocurrency market, which is particularly sensitive to supply-demand dynamics. The reduction in supply can naturally exert upward pressure on prices. During this process, the token price rose from $0.00001183 to $0.00001220. Such price movements driven by technical and supply factors trigger a renewed interest among market participants to reposition their investments.
While the identities of the addresses contributing to the burn process remain undisclosed, it has been reported that two distinct wallets played active roles in these transactions. One of these addresses removed approximately 10 million SHIB tokens from circulation, while the other eliminated 4.3 million. Contributions from within the community indicate that supply control strategies are becoming increasingly strategic.
Bitcoin’s Movements Impact Altcoins
The positive outlook for Shiba Inu is also supported by a general recovery in the cryptocurrency market. Following Bitcoin 
$104,455‘s fluctuations, which saw it reach levels around $83,000, a stronger price environment for altcoins has emerged. The activity in the leading cryptocurrency is boosting risk appetite among investors, creating upward momentum for popular tokens like SHIB.
Market observers note that investors are increasingly focusing on developments that could have long-term effects, such as supply reductions. This strategic shift indicates a move beyond short-term speculation towards a more fundamental investment approach.
SHIB Knight, an active member of the Shiba Inu community, has pointed to a short-term target price of $0.00001570. If technical and fundamental data gain momentum in the same direction, testing this level appears feasible.
Investors are closely monitoring current developments to recalibrate their strategies based on supply pressures and market trends. Such data-driven movements in the cryptocurrency market continue to play a vital role in determining price directions.
