One of the leading memecoins, Shiba Inu, has made headlines with substantial SHIB transfers to a dead wallet address. The activity has piqued the interest of the Shiba Inu community. A platform that tracks SHIB burns for Shiba Inu, Shibburn, reported that approximately 37 million tokens were burned and removed from circulation in the last 24 hours. The continuous SHIB burns are fueling discussions about the altcoin’s potential to surpass the $0.0001 level.
37 Million SHIB Removed from Circulation
Despite Shiba Inu’s remarkable 170% rise over the last 30 days, the general market downturn has led to a downward momentum in price. However, SHIB has managed to show strength and offer a glimmer of hope to investors amidst the current market scenario.
In response to SHIB’s stagnant performance, the Shiba Inu community continues to support the altcoin through a token burning mechanism initiated to improve market dynamics, aiming to prevent investors from entering a bearish trend. By reducing SHIB’s supply through high token burns, the community aims to create scarcity, potentially increasing demand and price. The regular large-scale burns of SHIB tokens are part of the community’s commitment to enhancing SHIB’s tokenomics.
In line with these efforts, Shibburn reported two significant token burn transactions in the last 24 hours, burning 25 million and 12.84 million SHIB respectively. Despite a 77% drop in the token burn rate over the last 24 hours, the Shiba Inu community continues to support expectations for SHIB with ongoing token burns and development efforts.
Price Drops Amid Token Burning Efforts
Despite strong token burning activity and high development activity, Shiba Inu’s price has been observed to fall. At the time of writing, SHIB has seen a notable 8.24% decrease over the last 24 hours, trading at $0.00002588. The Relative Strength Index (RSI), indicating neutral market sentiment, and SHIB’s price movement between $0.000009 and $0.000044 over the past month have sparked discussions among traders and investors worldwide.
Despite recent volatility, SHIB continues to show resilience, remaining above the $0.00002 support level after reaching a monthly high of $0.000044, giving investors hope. While there is speculation about a potential breakout rally that could push the price above $0.0001, a bearish scenario could see SHIB retracting to its support level.
