The cryptocurrency Shiba Inu, known for its dog theme, has been burning a lot of its tokens lately—192% more in just one day! This means millions of Shiba Inu tokens have been taken out of circulation on purpose, to make them rarer. A Twitter account dedicated to tracking these burns, Shibburn X, says that over 4.7 million SHIB tokens were burned, which is a huge jump of 207.81% from before.
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While all this burning is happening, people are waiting to see if Shiba Inu’s price will make a big move, especially since Bitcoin and other big cryptocurrencies aren’t doing much. Bitcoin’s price has been pretty flat, staying between $67,000 and $69,000, and this is happening at the same time as the stock market is having a tough time.
Shiba Inu itself had a great run earlier, with its price jumping up 20% to $0.0000294 on May 29 after several days of gains. But now, it looks like some people are selling their Shiba Inu to make a profit, which has been happening for four days. Because of this selling, Shiba Inu’s price has dropped a little, by 2.18%, to $0.00002473.
What happens next with Shiba Inu’s price depends on whether enough people buy to stop the price from falling further. If they do, the price might stay the same or even go up again. But if more people keep selling, the price could drop to a point where it will be a real test to see if it can start climbing again. Right now, staying above $0.00002454 is important for Shiba Inu to keep its momentum and not lose more value.