Shiba Inu Community Burns Meme Coins to Reduce Supply

The Shiba Inu community is conducting an intense burning activity to reduce the circulation of meme coins. According to Shibburn data, the burning rate in the last 24 hours increased by 162.85%, with over 16 million Shiba Inu coins burned in nine transactions. This situation could strengthen Shiba Inu’s market position and increase its competition with rival Dogecoin.

Burning Activities on the Rise

The largest burning transactions involve millions of SHIB, and significant amounts of SHIB are also being carried in other transactions. These burnings are expected to affect SHIB’s price.

Uncertainty Persists for SHIB Price

Although the price of SHIB showed a slight increase in the last 24 hours, it experienced an immediate decline. While Nexo’s addition of SHIB-based trading pairs to its platform created optimism, the overall trend for SHIB price is generally downward.

SHIB Price Could Rise

Some analysts and SHIB team members predict that the price of Shiba Inu could reach record levels following the Bitcoin halving event. SHIB’s official marketing lead, Lucie, also shares the same optimism.

Shibarium Activities Increasing

The Shibarium ecosystem is experiencing significant developments in transaction volume and wallet numbers on the Shibariumscan explorer. However, the daily transaction numbers are currently remaining stable at low levels.

Useful Information for the Reader

The Shiba Inu community has increased burning operations to reduce meme coin supply.
The burning rate increased by 162.85% in the last 24 hours.
Fluctuations in SHIB price continue to depend on market dynamics.
Analysts expect a rise in Shiba Inu price after the Bitcoin halving.
As the Shibarium ecosystem strengthens, daily transaction numbers remain stable at low levels.