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Dog-Themed Cryptocurrency Shiba inu (shib) saw an increase in its burn rate, climbing 1,014% in the last 24 hours. This increase led to the destruction of millions of shib tokens, fueling renewed optimism within the community.
By permanently removing circulation, the mechanism aims to create scarcity and, in turn, increase its value over time. The start of 2025 saw millions of shib tokens sent to dead wallets, significantly reducing the total supply.
According to Shibburnan X account that follows Shib Burns, 6,607,094 shib tokens were destroyed in the last day. Over the past seven days, 43,925,619 shib have been burned.
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This effort is part of ongoing activities to strengthen the Shiba Inu ecosystem, with the Shiba Inu community showing no signs of slowing down in its goal of moving Shiba INU from a meme token to a serious competitor in the crypto space .
Shib price shows modest reaction
Despite a considerable increase in burn rate over the past 24 hours, Shiba Inu price has seen only modest movement so far. At the time of writing, Shib was trading at 0.0000002043, up 1.43% in the last 24 hours. The immediate impact of the prices appears limited, although some argue that the long-term effects of sustained burns could prove beneficial.
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The cryptocurrency market turned positive after an executive order to ban the digital dollar and promote crypto and AI innovation was released in the United States, the recently released data from the United States indicates that the The All Tenant Rent index, which leads CPI refu inflation, rose at a slower rate last quarter. That has fueled optimism that the Fed may reconsider its hard-line December rate estimates.
Shiba INU has traded in a tight range over the past three days, indicating a major move could be brewing. A break above the 50 and 200 daily moving averages, which are at $0.00002360 and 0.00001925, would define Shiba INU’s next price direction. A break above the Daily SMA 50 would trigger a new uptrend in SHIB price and take it out of its current range. On the other hand, support remains at the Daily SMA 200 in the event of a fall.