Shiba Inu has intensified its rate of token burning by sending 100 million SHIB to inactive wallets, despite the price of the token not reflecting this bullish burn trend. The SHIB Dream NFT collection made the decision to burn a significant number of tokens in response to a decline in price. Token burning has become a key strategy for the Shiba Inu community to address concerns about token supply and inflation. Lucie, a marketing specialist for the Shiba Inu network, expressed gratitude for the community’s dedication to this cause.
The process of token burning involves sending tokens to inactive wallets, effectively removing them from circulation. The SHIB Dream NFT collection’s decision to burn 100 million tokens aligns with the community’s active efforts to manage token circulation. This move showcases the proactive approach of the Shiba Inu community in overcoming challenges and instilling confidence.
Within the past 24 hours, the total burn rate of the SHIB network has experienced a significant decrease of 94.87%. This decline follows a period of rapid growth earlier in the month. According to data from Shibburn, a total of 5,936,109 SHIB has been burned during this period. This surge in burning activity underscores the community’s commitment to actively manage token circulation and reduce the overall supply. The cumulative token burn from the SHIB network has now reached an impressive 410,708,002,296,223, demonstrating the collective effort to maintain a healthy ecosystem.
Despite the heightened burning activity, SHIB is currently trading at $0.000008921, a decrease of 6.89% in the past 24 hours. The token’s market capitalization stands at $5.26 billion. Traders and investors are closely monitoring this level, with the next support zone expected to be around $0.0000085, which could attract new buyers.
On the resistance front, SHIB faces a hurdle at $0.000035. A successful breakthrough at this level could open the door for a retest of higher levels, potentially reaching the $0.000040 range. The delicate balance between support and resistance indicates a market that is closely observing the unfolding situation.
In a noteworthy development, a recent report from Crypto News Flash has revealed a significant increase in SHIB tokens being transferred to the wallets of large holders. The Large Holders Inflow chart indicates a continuous surge in SHIB inflows, suggesting a strategic move by major investors. On the other hand, the Large Holders Outflow indicator shows a consistent decline, indicating that whales are consolidating their SHIB holdings. These strategic moves by influential SHIB holders contribute to the anticipation surrounding the future trajectory of Shiba Inu’s value, adding to the intriguing dynamics of the crypto market.
Originally conceived as a memecoin, the Shiba Inu ecosystem has evolved into a multifaceted blockchain ecosystem. It now includes utility-backed projects such as ShibaSwap, a decentralized exchange (DEX), and Shibarium, a layer-2 scaling solution. The ecosystem’s deflationary tokenomics further enhance its appeal, positioning Shiba Inu as one of the memecoins with strong investment potential.