As the price of Shiba Inu (SHIB) approaches momentum, there has been a notable increase in the token burn rate. In the past 24 hours, over 24.2 million SHIB tokens have been destroyed, according to data from the tracking website Shibburn. This is a 61.02% increase in the token burn rate as of right now.
There are an astounding 582.7 trillion tokens in the meme coin’s circulation right now. To guarantee the scarcity of SHIB tokens in the Shiba Inu ecosystem, token burning events are necessary due to the large circulation supply. In order to maintain a robust ecosystem and maintain the SHIB pricing, a balanced circulation supply is essential. The Shiba Inu community has been active, delivering millions of tokens to the dead wallets while keeping this in mind. Roughly 410.7 trillion tokens have been destroyed or removed from the original supply, according to data. This demonstrates the community’s dedication to the ecosystem. If the community stays strong and this tendency continues, SHIB’s future prospects are expected to be favorable
Outlook for Shiba Inu prices Shiba Inu’s price has increased significantly in tandem with its growth in burn rate. After rising 3.18% over the previous day, SHIB is currently trading at $0.00002815 as of the time this article is written. The price has dropped 10.86% over the last 30 days, but today’s increase suggests that the trend may be changing. It is possible that the meme coin may soon emerge from its consolidation period. The increasing coin trade activity lends credence to this prediction. According to data, Shiba Inu’s 24-hour trading volume has increased by 17.39% to $523.51 million. It is obvious that the market is now focusing on more gains from SHIB, and bulls seem to have begun to enter the market .
Shiba Inu, on the other hand, is probably going to keep consolidating because the market is now expecting the Bitcoin (BTC) halving event. Because they may want to see how this significant event affects the market, market participants may choose to remain neutral until the halving event. As a result, it can take some time before the SHIB community witnesses significant pricing changes.