Shiba Inu Community Burns 100 Million Tokens Amid Price Decline
The Shiba Inu (SHIB) community has been actively participating in token burns as a strategic measure to control its token supply. In a recent development, the SHIB Dream NFT collection decided to join forces and burn a significant 100 million SHIB tokens. This action is part of a broader community initiative aimed at addressing the current price decline and instilling renewed confidence in the Shiba Inu network.
Burning Initiative
Lucie, the marketing specialist for the Shiba Inu network, expressed her gratitude for the community’s commitment to burning tokens. The process involves sending tokens to inactive wallets, effectively removing them from circulation. In this instance, the SHIB Dream NFT collection’s decision to burn 100 million tokens contributes to the ongoing community efforts.
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Shiba Inu Burn Rate
In the past 24 hours, the total burn rate of the SHIB network experienced an impressive surge of 451%. According to Shibburn data, a remarkable 146,261,497 SHIB tokens were burned during this period. This substantial increase in burning activity underscores the community’s dedication to actively managing token circulation.
The cumulative token burn from the SHIB network has reached an impressive 410,708,001,934,250, leading to a reduction in the overall token supply. Many view this deliberate reduction as a strategic move to counter potential inflationary pressures and uphold a healthy ecosystem.
Price Analysis
Amidst the heightened burning activity, SHIB is currently finding tentative support around the $0.000027 mark. Traders and investors are closely monitoring this level, with the next support zone expected near $0.000022. This level may attract new buyers and serve as a fresh accumulation point.
On the resistance front, SHIB encounters a significant obstacle at $0.000035. A successful breach of this resistance level could open the door to a retest of higher levels, potentially around the $0.000040 range. The price dynamics indicate a delicate balance between support and resistance, with market participants closely observing the situation.
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The recent burning of 100 million SHIB tokens by the SHIB Dream NFT collection, coupled with the surge in overall burn rates, underscores the proactive involvement of the Shiba Inu community in managing the token supply. As the network addresses price challenges, these burning initiatives demonstrate a commitment to sustainability and long-term growth. Traders and investors will closely watch how these strategic moves influence the overall trajectory of SHIB in the upcoming days and weeks.
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