The Shiba Inu community has again ramped up its SHIB burning efforts, causing a massive burn rate spike. Despite SHIB’s tumbling price in the past seven days, Shiba Inu’s burn rate has recorded a nearly 48,000% increase.
The SHIB community is determined to cut down the Shiba Inu circulating supply, a feat that many believe will positively impact the token’s price.
SHIB Community Intensify Token Burn Efforts Following Slight Decline
According to data from the Shiba Inu burn tracker, Shibburn, the SHIB burn rate has spiked 47,908% in the last 24 hours. The SHIB ecosystem swept 28.129 million SHIB tokens off circulation into the dead wallet on November 21. Over the past seven days, the SHIB burn rate has increased by 26.29%, with over 290 million tokens wiped off circulation.
According to Shibburn’s data, the most notable burn transaction was a whopping 28.15 million SHIB tokens transferred by an unknown address. The large number of SHIB tokens burned by the anonymous wallet attracted the attention of SHIB enthusiasts. Information on the SHIB burn tracking website shows that the burn transaction occurred 15 hours ago.
In all these, the SHIB community has removed 410.66 trillion tokens from the initial SHIB token supply. As of writing, approximately 589.34 trillion coins remain as the total Shiba Inu token supply. Also, Shiba Inu’s circulating supply stands at ~580.4 million tokens.
The Shiba Inu community has long been working to reduce the meme coin’s enormous supply and introduce scarcity. Shiba Inu token burns are often sporadic, and some days may witness more token burns than others. Today’s massive increase comes after a 98.79% decline in the SHIB burn rate observed on November 20.
According to Shibburn’s November 20 report, only 983,884 Shiba Inu tokens were burnt in three transactions. The highest burn transaction was one involving 42,850 SHIB tokens. This figure represented a significant decline from what was observed in the previous days.
Shiba Inu Price Outlook
While members of the Shiba Inu community believe the token burn spree will positively impact SHIB’s price, the meme coin has followed an opposite trajectory. Its price has been in a downturn in the past week, with a seven-day decline of over 1%. As of the time of writing, Shiba Inu trades at $0.000008345, with a 4% 24-hour decline.
SHIB candles in the past week are below the median band of the Donchian Channel (DC), suggesting a possible decline ahead for the asset. If it drops to the lower band, then the bears may take full control of its price action and could facilitate more downturns.
But the good news is that SHIB still holds nearly 20% of its past month’s gains. This could mean there is hope for a rebound since the market shows some bullish activity.
Featured image from Pixabay and chart from TradingView.com