Reports indicate that the Shiba Inu community has destroyed a large amount of SHIB coins in the past day, coinciding with a rise in their price.
Significant Rise in SHIB Burns
Data from the popular Shibburn tracking platform shows the SHIB community has removed 20,633,494 SHIB from circulation in one day, requiring five transactions. The largest transaction burned 19,443,692 SHIB, locking them permanently in an unspendable wallet. Over the last week, 93,273,100 SHIB have been burned, a reduction of 8.92% from the prior period.
SHIB Price Increase
Amid the active burns, the SHIB price rose by approximately 9% over the past 24 hours, climbing from $0.00001162 to $0.00001267. This was the first price increase since last Friday, after it had fallen by almost 15%. The market was also influenced by Bitcoin's price movements, which increased by 4% today.
Market and SHIB's Future Outlook
SHIB is now ranked 18th on the CoinMarketCap scale, with a market capitalization of $7.4 billion, approaching the exit from the top 20. The crypto market is also reacting to news about no planned Bitcoin purchases for the new Strategic Bitcoin Reserve.
Despite the volatility, recent changes in SHIB burns and price demonstrate the dynamic developments around this cryptocurrency, hinting at its potential future market trends.
