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The sudden increase in the burn rate of the Shiba Inu token has generated positive expectations among market participants. In the last 24 hours, the burn rate of the token surged by approximately 2000%, resulting in the permanent removal of around 14 million tokens from circulation. This development is considered a significant step towards reducing the total supply of the token.
Token Burn Data
Daily data indicates that 14.27 million tokens were burned in the past 24 hours. On a weekly basis, approximately 58.28 million tokens have been reported as removed from circulation. Monthly, a total of 98.85 million tokens have been destroyed, suggesting a gradual contraction of supply; however, considering the vast supply, we should observe regular trillion-token burns rather than just million-token ones.
Expert Opinions and Price Expectations
In line with market data, expert investors express optimism regarding the future of the token.
Javon Marks: “A significant inverse head and shoulders pattern is forming on the chart. The completion of the last shoulder could support expectations for an increase.”
Data at the time of writing indicate that the token’s price hovers around $0.00001661, with daily lows and highs recorded at $0.00001596 and $0.00001679, respectively.
As a result of the token burns, the total supply has reached approximately 589.25 trillion tokens, with 410.7 trillion tokens permanently removed. While this implies that nearly half of the supply has been taken out of circulation, most of the tokens that exited were sent to Vitalik in the early days.
These developments enable investors to make careful assessments regarding future price movements. The continuous nature of the burn transactions is monitored as a significant factor in the token’s valuation. The data obtained is worth tracking in terms of influencing market dynamics. In light of this data, investors may wish to continue their risk assessments while staying informed about market activity.
