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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a surge in its burn rate, climbing 1,014% in the last 24 hours. This increase has led to the destruction of millions of SHIB tokens, fueling renewed optimism within the community.
By permanently removing SHIB from circulation, the mechanism aims to create scarcity and, in turn, drive up its value over time. The start of 2025 has seen millions of SHIB tokens sent to dead wallets, substantially lowering the total supply.
According to Shibburn, an X account that tracks SHIB burns, 6,607,094 SHIB tokens were destroyed within the past day alone. In the last seven days, 43,925,619 SHIB were burned.
Tomiwabold OlajideThis effort comes as part of ongoing activities to bolster the Shiba Inu ecosystem, with the Shiba Inu community showing no signs of slowing down in its aim to turn Shiba Inu from a meme token to a serious contender in the crypto space.
SHIB price shows modest reaction
Despite a considerable rise in burn rate over the last 24 hours, Shiba Inu's price has seen only modest movement so far. As of this writing, SHIB was trading at $0.00002043, up 1.43% in the last 24 hours. The immediate price impact appears limited, although some contend that the long-term effects of sustained burns could prove beneficial.
The cryptocurrency market turned positive after an executive order to ban the digital dollar and promote crypto and AI innovation was released in the U.S. Meanwhile, recently released data from the United States indicate that the "all tenant rent" index, which leads shelter inflation in the CPI, increased at a slower rate last quarter. This has fueled optimism that the Fed may reconsider its hardline December rate estimates.
Shiba Inu has traded in a tight range over the last three days, indicating that a major move might be brewing. A break above the daily moving averages of 50 and 200, which are at $0.00002360 and $0.00001925, would define Shiba Inu's next price direction. A break above the daily SMA 50 would start a new uptrend in the SHIB price and cause it to exit its current range. On the other hand, support remains at the daily SMA 200 in the event of a fall.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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