In the past 24 hours, Shiba Inu (SHIB) has gained attention due to rising prices despite a significant drop in token burn rates.
SHIB Burn Rate Decline
According to Shibburn data, only 180,292 SHIB were destroyed in the past 24 hours, showing a marked decline compared to earlier activities. However, the Shiba Inu community has remained active, removing over 46 million tokens from circulation in the past week by sending them to dead wallets. This reduction in supply could support SHIB's price in the long run.
Exchange Supplies at One-Year Low
Shiba Inu's exchange reserves have fallen to their lowest level in a year, with only 83.8 trillion tokens remaining on exchanges, worth approximately $1.14 billion. Lower exchange supply typically reduces selling pressure, which could help the price rise further if demand increases.
Increased Social Activity Around SHIB
Social activity around SHIB has surged by 126% in the last 24 hours, marking the highest level since January. This increase in discussions on social platforms may lead to greater buying interest among traders. If this trend continues, it could further boost SHIB's price momentum.
In summary, despite the sharp decrease in burn rates, Shiba Inu shows positive price dynamics and increasing community interest, indicating potential for future growth.
