The Shiba Inu community has achieved significant success in burning coins, destroying over a billion SHIB in a short period, which positively reflects on the cryptocurrency's price.
Record SHIB Burn
In the past 24 hours, the SHIB community increased its burn rate by an astonishing 116,757%. This was achieved by removing 1,007,280,237 SHIB from circulation. The majority of this amount — 1,000,000,000 SHIB — was transferred to an unspendable wallet in a single large transaction made by an anonymous user.
Impact on Shiba Inu Price
Since the beginning of the week, the price of Shiba Inu has increased by 2.3%, rising from $0.00001153 to $0.00001179, before experiencing a slight drop of 3.45%. The increase was driven by the community's recent burning actions.
Warning About New Projects
Lucie, the head of SHIB, warns about the emergence of new projects claiming to be the 'next SHIB.' She stated that many of such projects launched in 2020-2022 have already failed and no longer exist. She emphasized that a drop in price does not mean a loss of asset value.
Recent successes in coin burning highlight the activity of the Shiba Inu community and its efforts to increase the value of its cryptocurrency. Such initiatives can impact market dynamics, but it is important to heed warnings from experienced market participants.
