The Shiba Inu (SHIB) ecosystem has again triggered its deflationary mechanism, with the burn rate skyrocketing by over 10,800%.
Surge in SHIB Burn Rate
According to Shibburn data, a total of 9,551,523 SHIB have been sent to wallets that are no longer active. This figure represents an increase in the burn rate, reflecting the community's efforts to push for price recovery. The SHIB burn serves as a deflationary mechanism designed to control supply and drive the value of the meme coin.
Optimism in Technical Indicators
Following the burn exercise, the price of Shiba Inu has witnessed an uptick, currently standing at $0.00001186, representing a 3.66% increase in the last 24 hours. Despite this rise, trading volume has declined by 21.67% to $83.93 million, indicating cautious investor sentiment. Technical indicators, including the Relative Strength Index (RSI), also show improvement, which is regarded as a bullish signal.
SHIB Community's Response to Delistings
Meanwhile, several centralized exchanges have delisted SHIB tokens. According to Lucie, the marketing lead, this should not cause fear, uncertainty, or doubt among the SHIB Army. Lucie insisted that the delisted tokens were not among the lowest-performing on the exchange and urged users to rely less on centralized exchanges.
The burn of tokens in the SHIB ecosystem continues to actively influence supply and, consequently, the potential for price growth. Technological changes and community activity could lead to significant shifts in the market value of the token.
