In recent days, the meme-inspired cryptocurrency Shiba Inu (SHIB) has seen a remarkable rise in its price, driven by various factors, including a concerted effort by its community to reduce its circulating supply through a process known as “burning.”
Shibburn reports that this initiative has resulted in over 13 billion SHIB tokens being permanently removed from circulation in just 24 hours, highlighting the community’s dedication to enhancing the token’s value through supply reduction.
The Shiba Inu community has been central to this effort, sending large quantities of SHIB to a “dead wallet,” effectively taking them out of circulation.
So far, a staggering 410.72 trillion SHIB tokens have been burned from the original supply, a move that has generated considerable optimism among investors about the token’s economic future.
Key figures in the Shiba Inu project, like lead developer Kusama and team member Ragnar Shib, have been vocal supporters of these burning activities.
Kusama recently hinted at a new burning event for the Leash token in response to community inquiries, stating, “Obviously not… we burnt Leash today but I’ll pop into discord.”
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Ragnar Shib further backed this up with a post on X, spotlighting significant burning transactions involving SHIB, Bone, and Leash tokens, demonstrating the community’s commitment to the project’s ecosystem.
The SHIB token’s price has positively responded to these developments, with CoinMarketCap noting a 70% increase in its value over the past week, positioning SHIB at $0.000035.
This surge has not only reflected the broader meme coin trend in the crypto market but also elevated SHIB to the tenth rank in global market capitalization, attracting significant attention.
However, with the Relative Strength Index (RSI) indicating an overbought status at around 82, there’s speculation about a possible short-term consolidation.
Despite this, the enthusiasm for SHIB’s supply reduction strategy remains strong, and if the token can breach the $0.000035 resistance, it could be on its way to hitting the $0.0001 mark.
Investors are cautioned, however, to remember the inherent volatility of the cryptocurrency market and to conduct thorough research and exercise prudence before making any investment decisions.
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