The Shiba Inu (SHIB) community has seen a massive increase in its burn rate, climbing by 23,265.28% in the last 24 hours. A total of 270.7 million SHIB tokens were permanently removed from circulation through a series of transactions. This indeed highlights the community’s commitment to curbing the meme cryptothe supply in circulation.
The Last Shiba Inu Token Burn
Among the significant burns today, the largest transaction was for 209.3 million SHIB tokens sent to a dead wallet by wallet address 0x0b5fe…. This single burn accounted for nearly 77% of the total daily burn volume, making it a pivotal moment in the latest burn activity, according to Shibburn data.
Another large transaction came from wallet 0x86839, which burned 48.2 million SHIB around 15 hours ago. Meanwhile, wallet 0xa713e contributed by burning 6 million SHIB about nine hours ago. Smaller but notable transactions include a consumption of 1.8 million SHIB by 0x670a5 and 37,125 SHIB by 0xc664c.
This unprecedented rise in burn rate has reignited optimism within the SHIB community, with many speculating on a potential price increase. Burn events typically reduce the circulating supply of tokens, potentially increasing scarcity and driving up prices in the long term.
SHIB Price Outlook
For now, the Shiba Inu price remains relatively stable. However, with burn events like these gaining momentum, SHIB holders are eagerly awaiting the token’s next move. Analysts suggest that consistent burns of this magnitude could reinforce the token’s deflationary narrative, possibly pushing its price to new highs in the future.
Currently, SHIB price is well above the critical support level of $0.000025. Therefore, considering the recent market dynamics and community support, there is a high chance that it will rebound up to $0.00003. At the time of writing, Shiba Inu price stood at $0.00002578, up 0.11% on Thursday, November 28.
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