The Shiba Inu community has been working diligently to maintain price stability for the popular dog-themed cryptocurrency SHIB. Recently, the community engaged in a significant token burn, which saw a staggering 284.3% increase in the amount of tokens removed from circulation within a 24-hour period.
Reports indicate that a total of 12,546,958 SHIB were permanently removed from circulation, sparking optimism among SHIB users and positively impacting the memecoin’s price. In fact, SHIB closed Wednesday’s trading session with a 2% profit margin, marking the first time in over a week that the cryptocurrency ended a session in profit. The bullish momentum continued into Thursday, with SHIB showing signs of retesting Wednesday’s high.
The token burn conducted by the Shiba Inu community is a routine operation aimed at reducing the circulating supply and creating scarcity. The ultimate goal is to drive SHIB’s value higher, leading to price increases and overall stability for the cryptocurrency.
With the latest token burn, the total number of SHIB tokens removed from the Shiba Inu network has now reached 410,743,188,960,287, leaving a circulating supply of 584,255,575,937,229 SHIB. Additionally, 5,001,235,102,482 SHIB out of the circulating supply remains staked, further contributing to the token’s scarcity.
In terms of price action, SHIB is currently trading at $0.00001866, reflecting a 4.35% rally within the last 48 hours. While this rally may seem minimal, it indicates a potential return of bullish sentiment among SHIB community members. The cryptocurrency has faced bearish pressure in the medium term, falling below key support levels. However, breaking above the $0.00002202 resistance level could signal a trend reversal and boost user confidence.
Overall, the Shibburn effect remains a crucial factor in the Shiba Inu project’s efforts towards establishing price stability. As the community continues to actively engage in token burns and other initiatives, the future outlook for SHIB remains optimistic.
Please note that the information presented in this article is for informational and educational purposes only. It does not constitute financial advice, and readers are advised to exercise caution before making any investment decisions related to SHIB or any other cryptocurrency.