The Shiba Inu community is intensively burning meme coins to reduce the circulating supply. According to Shibburn data, the burning rate has increased by 162.85% in the last 24 hours, with more than 16 million Shiba Inu coins burned in nine transactions. This activity could strengthen Shiba Inu’s market position and enhance its competition with rival Dogecoin.
Burning Activities on the Rise
The largest burning transfers involve millions of SHIB, with other transactions carrying substantial amounts of SHIB also taking place. It is expected that these burnings will impact SHIB’s price.
Uncertainty Continues for SHIB Price
Although SHIB’s price saw a slight increase in the last 24 hours, it was followed by a dip. While Nexo’s addition of SHIB-based trading pairs to its platform created some optimism, SHIB’s price remains generally bearish.
SHIB Price Could Rise
Some analysts and SHIB team members predict that Shiba Inu’s price could reach record levels following the Bitcoin halving event. Lucie, SHIB’s official marketing lead, shares the same optimism.
Shibarium Activities on the Rise
The Shibarium ecosystem is experiencing significant developments in transaction volume and wallet numbers on the Shibariumscan explorer. However, daily transaction counts are currently at low levels.
Useful Information for Readers
The Shiba Inu community has increased burning activities to reduce meme coin supply.
The burning rate increased by 162.85% in the last 24 hours.
Fluctuations in SHIB’s price continue to depend on market dynamics.
Analysts expect a rise in Shiba Inu’s price following the Bitcoin halving.
While the Shibarium ecosystem strengthens, daily transaction counts remain at low levels.
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