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This energized the burning activity initiated by the community, and SHIB holders are still hopeful that they will achieve their goal of reducing the total token supply.
According to tracking platform Shibburn, which identifies and analyzes Shiba Inu burn transactions, more than 463 million tokens were burned in one day.
The burn rate increase is one of the biggest, growing 1,837% over the past few weeks. Among the seven transactions that resulted in a significant reduction in circulating supply, a single transaction of over 412 million SH Shiboshi tokens showed that whales were actively participating and committed to the development of the SHIB ecosystem.
Other transactions also included quantifiable amounts, including 46.7 million, 3 million, and 1.2 million SHIB tokens transferred to unusable Ethereum addresses, indicating a concerted desire to reduce the circulating supply.
& nbspWhale activity drives up SHIB price
A price rally typically accompanies large burn activity, and SHIB’s 24% rally was no exception. The price increase from $0.000021 to $0.00002753 highlighted the impact of the reduced token supply on the value of SHIB.
Shiba Inu has recently shown a steady upward trend, reaching highs near $0.0000028 before retracing each time, reflecting the continued volatility of the market. SHIB is now stabilizing around $0.0000025, a consolidation phase that could signal an upcoming move – either a test of the resistance level or a potential pullback.
Support levels are essential for tracking possible price changes. The immediate support to watch is $0.0000025, where SHIB has found reliable support with multiple bounces. If this level does not hold, the next support is around $0.0000022, which has historically cushioned declines and could attract buyers again if the price falls further.