The Shiba Inu blockchain witnessed a dramatic surge in its token burn rate, skyrocketing by 3,464% within the last 24 hours. A substantial 9.61 million SHIB tokens were permanently removed from circulation in that period, highlighting significant activity by the project’s dedicated community.
This recent surge contributes to a sustained effort over the past week, which saw a total of 23.32 million SHIB tokens destroyed. Following the intensified burning activity, the price of Shiba Inu experienced a positive reaction, increasing by 1.7% in 24 hours to reach approximately $0.00001591. Analysts note key resistance levels at the daily Simple Moving Average (SMA) 50 ($0.00001596) and SMA 200 ($0.00001702).
The token burn mechanism relies entirely on community action. Supporters participate by sending SHIB tokens to designated and verifiably inactive ‘burn’ wallet addresses, permanently removing those tokens from the overall supply.