Shiba Inu community burns 100 million tokens amid price drop
The Shiba Inu (SHIB) community has been actively participating in token burns as a strategic measure to control the supply of its tokens. In a recent development, the SHIB Dream NFT collection decided to join forces to burn 100 million SHIB tokens. This action is part of a wider community initiative to address the current price decline and restore confidence in the Shiba Inu network.
burn initiative
Lucie, a marketing specialist at the Shiba Inu Network, expressed her gratitude to the community for their commitment to the token burn. The process involves sending coins to inactive wallets, effectively removing them from circulation. In this case, the SHIB Dream NFT collection decided to burn 100 million tokens to help the ongoing community effort.
Shiba Inu burning rate
The SHIB network experienced an impressive 451% surge in total burn rate over the past 24 hours. According to data from Shibburn, 146,261,497 SHIB tokens were burned during this period. The significant increase in burning activity highlights the community’s dedication to actively managing token circulation.
Cumulative token burns on the SHIB network have reached an impressive 410,708,001,934,250 points, resulting in a reduction in the overall token supply. Many see this intentional reduction in emissions as a strategic move to combat potential inflationary pressures and maintain a healthy ecosystem.
price analysis
SHIB currently finds initial support near the $0.000027 mark amid intensifying burning activity. Traders and investors are keeping a close eye on this level, with the next support area expected to be near $0.000022. This level may attract new buyers and serve as a new accumulation point.
On the resistance front, SHIB encountered a major hurdle at $0.000035. A successful break above this resistance could open the door to a retest of higher levels, possibly around the $0.000040 range. Price dynamics indicate a delicate balance between support and resistance levels, with market participants keeping a close eye on the situation.
The recent burn of 100 million SHIB tokens from the SHIB Dream NFT collection, coupled with the spike in the overall burn rate, highlights the active participation of the Shiba Inu community in managing the token supply. These urgent moves demonstrate a commitment to sustainability and long-term growth as the network grapples with pricing challenges.Traders and investors will be watching closely to see how these strategic moves impact SHIB's overall trajectory in the coming days and weeks.
