SHIB Community Burns Record 774M Tokens: How Will This Impact Shiba Coin Price?

Shiba Inu is all fired up – literally.

Despite recent market turbulence, the Shiba Inu community’s dedication to burning tokens has surged, with a staggering 774 million SHIB tokens burnt in just one week—a nearly 200% increase from previous rates. This intensified burning activity reflects the community’s commitment to reducing token supply and potentially boosting SHIB’s value. 

What’s the Frenzy All About?

Amidst a broader crypto market downturn, the sudden increase in burn rates has sparked discussions about its potential impact on SHIB’s price. Bitcoin’s downward pressure, lingering around $62K due to a halving event, is affecting other crypto assets similarly. However, with SHIB the scenario is different, as more tokens are burnt, scarcity increases, which could drive up SHIB’s long-term value.

According to Shibburn, a platform measuring SHIB burn rates, total burn value climbed 193.39% to $774.13 million last week.

Burn Rate Skyrockets

Despite the market dip, the burn rate for Shiba Inu tokens surged by 489.87% in the last 24 hours, totaling $19.34 million. This spike has triggered discussions about its potential impact on SHIB’s price.

The highest burn transactions recorded were 650 million, 61.9 million, and 25.85 million SHIB tokens. Since its inception, 410.72 trillion SHIB tokens have been burnt, reflecting the community’s ongoing commitment to reducing token circulation. However, the current circulating supply of the meme coin remains at 582.80 trillion SHIB.

Moreover, Shibarium, the layer-2 blockchain supporting the SHIB ecosystem, has seen a notable surge in daily transactions, nearing the one-million mark. This uptick underscores growing investor confidence in the Shiba Inu ecosystem and its potential for further growth and adoption.

Mixed Fortunes for SHIB

Despite these promising moves, SHIB’s price has taken a hit lately, dropping by 7.46% to $0.00002159. Its trading volume in the last 24 hours also dipped by 11.83% to $949.24 million. Over the past seven days, it fell nearly 25%, reflecting ongoing volatility in the crypto market.

Navigating Price Ranges  

According to on-chain data from IntoTheBlock, Shiba Inu aims to maintain a range of 51 trillion SHIB, valued between $0.000022 and $0.000025. Within this range, 57,520 addresses hold 51.27 trillion SHIB at an average price of $0.00023. Reclaiming this range could lead to resistance in the $0.000025 to $0.000030 range, while losing it may result in support in the $0.000019 to $0.000022 range.

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As the Shiba Inu community ramps up token burning amid market turbulence, all eyes are on SHIB’s path, eager to see its resilience and potential for growth amidst volatility.