Recent data shows a significant increase in the burn rate of Shiba Inu tokens, positively impacting the community and the token's price.
Dramatic Increase in Token Burning
According to Shibburn data, the burn rate of Shiba Inu tokens surged by 2753% in the last 24 hours, with 6,442,486 SHIB tokens permanently removed from circulation. Over the past week, a total of 135,130,906 tokens were burnt, highlighting increased community efforts and automated burn processes within the Shiba Inu ecosystem. Token burning serves as a deflationary mechanism aimed at reducing SHIB's total supply, thereby increasing its long-term value.
Current Price of Shiba Inu
Currently, Shiba Inu is trading at $0.00001367, representing a slight recovery of 0.13% over the past 24 hours. The token experienced a decline at the start of the week amid profit-taking. Significant resistance emerged at the $0.00001598 level, causing SHIB's price to drop to a low of $0.00001299 on July 24 before gradually recovering.
Market Analysis and Future Prospects
Despite falling below the 200-day simple moving average, which indicates long-term trends, Shiba Inu remains above the Ichimoku cloud on the daily chart. This indicates a generally bullish outlook as long as prices stay above the cloud. The daily relative strength index (RSI) is currently at the midpoint of 50, which suggests a likelihood of consolidation before Shiba Inu resumes its next major price movement.
The significant increase in Shiba Inu's token burning and modest price recovery highlight the active community involvement and provide encouraging signals for the token's future.
