Shiba Inu (SHIB), the popular meme coin, has been experiencing a contrasting set of events. While the community rallies to burn tokens and potentially increase value, the price continues to grapple with a bearish trend.
Data from Shibburn, a platform dedicated to tracking SHIB burns, revealed a staggering 3010% surge in the token burn rate over the past 24 hours (as of June 12th). This aggressive burning activity saw over 232 million SHIB tokens removed from circulation.
The burning process aims to decrease the overall supply of SHIB tokens, which in theory could lead to price appreciation due to increased scarcity. This community-driven initiative comes at a time when the SHIB price has dipped below $0.000022, reflecting a broader market decline.
Interestingly, a single wallet address played a pivotal role in this burn rate surge. The wallet, identified as 0xd9a…, incinerated a massive 225.63 million SHIB tokens in one transaction by sending them to a dead wallet, effectively removing them from circulation. Two other wallets also made significant contributions by burning over 1 million tokens each.
The combined efforts of the Shiba Inu community have pushed the total number of burned SHIB tokens to a noteworthy 410.72 trillion. However, despite this burning frenzy, the SHIB price continues to struggle. As of today, the price has dropped by 2.36%, reaching $0.00002196.
While the price dips, trading activity seems to be on the rise. The 24-hour trading volume for SHIB has spiked by 30.12%, reaching $816.98 million. This surge could be attributed to increased selling pressure, with over $1.34 million in long liquidations reported in the same period.
Technically, SHIB currently sits well below a crucial resistance point of $0.000025. According to previous analyses, surpassing this level could pave the way for a potential rise to $0.00003 and even $0.00005 in the near term. However, reaching the ambitious target of $0.0001 would require sustained momentum and a complete reversal of the current bearish trend.
For SHIB to achieve these lofty goals, a price recovery above $0.000025 is essential. This climb could be fueled by the ongoing token burn initiative and the anticipation surrounding the proposed Shiba Inu ETF, but significant uncertainty remains.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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