New developments have sparked interest in SHIB, the meme coin that exploded in the crypto world in 2021. Shibburn’s surprising data revealing a significant burning of SHIB tokens once again made headlines in the crypto space. However, the lack of price reflection despite the substantial increase in burning has raised debates within the crypto community.
Shiba Inu, an Ethereum-based altcoin, has gained attention with its latest token burning event observed on November 21st. This event has reignited interest in the cryptocurrency world. Despite recent market fluctuations, the strategic burning efforts of the SHIB community to reduce the token supply have been well received in the crypto world.
Shibburn, a platform that provides information about SHIB burning activities, reported a significant increase in burning activities. The burned SHIB tokens witnessed a surprising increase of 47,872% in the last 24 hours, reaching a total of 28,120,000 coins.
This aggressive token burning strategy aims to gather support for SHIB tokens by creating scarcity through a decrease in token supply. Particularly, an unidentified wallet address, 0x74dceef…665, drew attention by burning approximately 27,120,000 SHIB nine hours ago. As a cumulative result of community-driven efforts, a total of 410,660,000,000 SHIB tokens have been burned so far.
Despite the increase in token burning, Shiba Inu’s price experienced a 4% decline in the last 24 hours, dropping to $0.000008323. On the other hand, the noticeable increase in trading volume caught attention. The 24-hour trading volume reached $145,860,000 today, marking a significant rise of 36.38%. While the increase in token burning has fueled speculations of a potential rally in SHIB’s price within the crypto community, the recent price drop seems to invalidate these assumptions, at least for now.