The Shiba Inu community is actively working to reduce the circulating supply of tokens, showcasing significant results in burning. Recent days have seen both substantial burns and price fluctuations.
Increase in SHIB Token Burns by 1,309%
According to the burn aggregator Shibburn, the burn volume for Shiba Inu tokens increased by 1,309% over the past 24 hours, totaling 2,944,722 tokens. The burns occurred through anonymous transactions to dead-end wallets, making tracking their sources challenging.
SHIB Price: Down but Hopeful for Recovery
The SHIB team reached out to the community through their X account, @Shibizens, stating, 'We’re down, not done.' This message came amid a 12% drop in SHIB's price earlier this week. However, the token has slightly recovered by 6.74%, reaching a price of $0.00001265.
Market Situation and Insights
While the weekly burn rate has decreased by 81.45%, the numbers remain significant, with 11,735,561 tokens burned in the past seven days. This raises interest in how the community will tackle current market conditions.
The Shiba Inu community is demonstrating activity in the token burning sphere, which may positively impact long-term value. However, price fluctuations highlight the challenges faced by market participants.
