Today, the Shiba Inu community moved about 37 million tokens to a dead wallet, sparking rumors as the price of SHIB dropped.
Shiba Inu, one of the most well-known meme coins, recently reported significant transfers of SHIB tokens by the community to a dead wallet, in a dramatic change of events experienced inside the cryptocurrency landscape that fueled optimism among fans worldwide for the crypto market. Data from the tracker Shibburn highlighted that around 37 million tokens were destroyed, which sparked conjecture as SHIB had a significant decline today, creating a mysterious scenario regarding its future potential to reach the $0.0001 level.
Despite the token’s amazing 30-day rally—which saw a 170% increase—a wider downward momentum brought on by a correctory phase has just caused prices to plummet once more. On the other hand, SHIB’s price has recently demonstrated incredible resiliency, giving the meme currency a positive spin. This optimistic tinge is mostly a result of the community’s ongoing token burn and recent advancements in the ecosystem.
The community of Shiba Inus burns SHIB in an attempt to increase tokenomics
Interestingly, the pessimistic pool among investors was created by SHIB’s poor performance, which prompted the Shiba crypto community to initiate its burn mechanism to support SHIB’s market dynamics. The community’s ongoing burning story has dealt a blow to the token’s supply, and the meme coin anticipates a time when its scarcity will significantly drive up prices. In light of this, the Shiba cryptocurrency community frequently burns enormous volumes of SHIB in an effort to improve SHIB’s tokenomics.
Concurrently, and in agreement with the previously indicated information, Shibburn also disclosed two noteworthy burn transactions today. In the first transaction, 25 million coins were burned, while in the second, 12.84 million coins were removed from SHIB’s inventory. Despite the fact that the burn rate decreased by 77% today—more than 300 million coins were burned in the previous week—the Shiba cryptocurrency community is still making attempts to increase SHIB.
Nevertheless, despite the notable token burning and the community’s recent development efforts, the meme coin saw a fall today, igniting a swirl of speculation.
Slips for Shiba Inus
As of this writing, the price of the Shiba Inu has dropped significantly over the last day—by 10.41%—and is now selling at $0.00002507. The token shows indications of a balanced market attitude, neither overbought nor oversold, with the RSI circling 51. Because SHIB shown a significant fluctuation between $0.000009 and $0.000044 during the previous month, this generated a tidal wave of conjecture among traders and investors worldwide in the cryptocurrency market.
According to CoinGape Media’s analysis, the coin shown impressive endurance by rising to a monthly high of $0.000044 before stabilizing at $0.000024. From this point forward, a breakout rally can drive the price to $0.0001 and higher; conversely, a decline might drive the token back to the $0.00002 support level.