The Shiba Inu community is actively increasing its efforts to reduce the circulating supply of SHIB tokens, resulting in a significant rise in token burning in recent days. However, despite these advancements, notable price volatility persists, creating uncertainty in the market.
Surge in SHIB Token Burns
According to the Shibburn tracker, the SHIB burn rate surged by an impressive 211.77% over the past 24 hours, with a total of 219,849 tokens burned. While this is a remarkable increase in daily burn activity, the weekly figures reflect a more substantial reduction in supply, with 6,989,286 SHIB tokens removed from circulation, marking a 25.13% decline compared to the previous week.
Recent Burn Trends
The SHIB community continues to actively burn tokens, with several large transactions this week contributing significantly to the supply reduction. The largest burn transactions included 1,694,200, 1,076,047, 1,331,608, and 1,000,000 SHIB tokens, further aiding in the decreasing supply. These efforts illustrate the community's strategy to gradually lower the total supply of SHIB tokens, potentially enhancing their scarcity and value over time.
Price Volatility of SHIB
Despite the impressive growth in the daily burn rate, weekly burn statistics have shown a notable decline in burn speed. The price of SHIB has also been fluctuating; following a 4.4% dip over the weekend, the token briefly rebounded by 5.15% but later declined again by 3.13%, currently trading at $0.00001218 per token. This price volatility, alongside varying burn activity, highlights the general uncertainty surrounding the future of SHIB.
While the Shiba Inu community's efforts to burn tokens and reduce their circulation supply are significant, predicting the price movement of SHIB remains challenging. Efforts to create scarcity face mixed market reactions, showcasing the hurdles SHIB encounters in achieving sustained bullish momentum.
