Over the past couple of days, Shiba Inu (SHIB), the meme-inspired cryptocurrency, has been experiencing a substantial price increase, fueled by several factors, including the dedicated SHIB burn initiative.
According to Shibburn, this burning activity, led by the SHIB community, destroyed over 13 billion SHIB tokens in 24 hours, indicating an effort by the Shiba Inu community to reduce the circulating supply and potentially boost the token’s value.
Read Also: SHIB Lead Developer Teases Exclusive LEASH Packages for Shiba Inu Community
Community-Driven Burning Fuels Optimism
The Shiba Inu community has played a pivotal role in the recent burn surge, transferring a massive amount of SHIB to a dead wallet, effectively removing them from circulation. To date, 410.72 trillion SHIB have been burned from the initial supply. This commitment to improving SHIB’s tokenomics has fostered significant optimism among investors.
Furthermore, prominent figures within the Shiba Inu ecosystem, such as lead developer Kusama and team member Ragnar Shib, have actively promoted burning activity.
Kusama, while responding to a community member’s comment about the founder forgetting Leash, hinted at a potential first-ever Leash token burn. He said, “Obviously not… we burnt Leash today but I’ll pop into discord”
In confirmation of Kusama’s claim, Ragnar Shib in a post on X, highlighted notable SHIB, Bone, and Leash burn transactions. These actions underscore the community’s dedication to supporting the Shiba Inu ecosystem.
There were 4 transactions for burns in the dead wallet. 2 transactions for burning #Shib one transaction for burning #Leash and one more for burning #Bone pic.twitter.com/SU4YcfNXhy
— RagnarShib.eth (@RagnarShiba) March 9, 2024
SHIB Price Action and Market Performance
The intensified burn rate aligns with the Shiba Inu’s bullish price performance. According to CoinMarketCap, SHIB has gained over 70% in the past week, trading at $0.000035. This upswing also reflects a meme coin rally within the cryptocurrency market.
SHIB’s recent ascent has propelled it to the tenth position in global market capitalization rankings, attracting widespread attention.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Shiba Inu Ecosystem Tokens (SHIB, LEASH, BONE): Can They Make You a Millionaire?
Technical indicators, including an RSI hovering around 82, suggest that SHIB is overbought. While this could signal a potential short-term consolidation phase, the bullish sentiment surrounding SHIB’s supply reduction remains strong.
If Shiba Inu breaks above the $0.000035 resistance level, its trajectory toward the $0.0001 target could gain additional momentum.
Before making any investment decision, know that the cryptocurrency market is highly volatile, and readers should conduct their research diligently and exercise caution before making any investment decisions.
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