In the dynamic realm of digital currencies, the Shiba Inu token has recently undergone a significant shift in the market. Following a period of price stabilization earlier in the week, the fervent Shiba Inu community has embarked on an aggressive campaign to elevate the token’s burn rate. In an astonishing 24-hour surge, the rate at which SHIB tokens were permanently removed from circulation lept by over 2,700%. This marks a concerted effort by token holders to send substantial quantities of the cryptocurrency to irretrievable wallets, consequently diminishing the total supply in hopes of propelling its value upward.
As the burn activities intensified, the designated SHIB burn tracker, Shibbburn, recorded a remarkable series of transactions converging on the burn wallets. Among them, the most colossal single transaction incinerated 13,140,241 SHIB tokens from the address known as “0xa034.” The aggregate impact of these transactions amounted to a striking total of over 14.8 million SHIB tokens being burned, which is a stark increase from the moderate figure of 2.5 million SHIB tokens processed the day prior.
These efforts are part of a larger strategic initiative by the Shiba Inu team, who have not only increased community engagement to encourage widespread participation in token burning but have also taken direct action themselves. Within the current month alone, the team has executed four significant transactions, cumulatively searing away 33.8 billion tokens. All told, the SHIB community has effectively retracted 410.69 trillion tokens from the initial supply, and as per the most recent data, the circulating supply of Shiba Inu tokens stands at a trim 581 million.
A closer inspection of SHIB’s trading activities reveals that the cryptocurrency has been traversing through a constricted price corridor, with an established resistance level stationed at $0.000011 and a support threshold at $0.00001067. However, this week, the token has shown a conspicuous lack of response to the intensifying burn activities, registering a price of $0.00001054 with a slight 1.5% retreat from the previous week’s trading. Current statistics indicate that 37.26% of SHIB holders are maintaining profitability at this price point, a decrease from 42% seen just a week earlier.
With a broader perspective, examining a 30-day timescale elucidates that SHIB’s pricing has generally reacted with optimism to the team’s ambitious burn implementations. Notably, the market responded to the second notable burn of 8.6 billion SHIB with a considerable price rally, vaulting its value to $0.00001165 on December 17. Despite a discernible price correction encountered this week, the cryptocurrency is diligently clutching a 28.53% increase from its monthly accomplishments.