SHIB Community Burns 22 Million Tokens in 24 Hours, Sparks Crypto Frenzy

The Shiba Inu community has shown unwavering commitment to the SHIB token, having sent over 22 million SHIB tokens to the incinerator in the past 24 hours. This has sparked a buzz in cryptocurrency, with 17 transactions being undertaken. The official SHIB Burn X account has provided a recent update, emphasizing the community’s tireless endeavors to decrease the token’s supply. These efforts are gaining momentum and attracting widespread attention.

In addition to the substantial token burn, 10,000,000 SHIB tokens were transferred to a dormant wallet. This further diminishes the available supply of SHIB tokens, potentially increasing the asset’s overall scarcity.

The SHIB community has a distinctive way of burning tokens, which has been highly effective. Token burning removes tokens from circulation permanently, increasing the value of each remaining token. The community’s commitment to this process has been visible in recent months, and their ongoing progress has caught the attention of the crypto world.

Shiba Inu (SHIB) is trading at $0.000006948, with a 24-hour trading volume of $68,186,253. This represents a 3.72% price decline in the last 24 hours and an 8.12% decline in the past 7 days. With a circulating supply of 590 Trillion SHIB, Shiba Inu boasts a market cap of $4,177,839,811.

Over the past month, the SHIB token’s price has fluctuated within a narrow range, wavering between the $0.0000077 and $0.000007 thresholds. This stability signifies a lack of definitive actions from buyers and sellers, portraying a sense of uncertainty within the market. In light of the recent downturn observed in the broader cryptocurrency market, it wouldn’t be unexpected to witness SHIB probing the lower boundary of this range, potentially extending its bearish trend.

For the past year, the SHIB token’s price has experienced notable bounces off these established price levels, emphasizing their influence on its price dynamics. The current correction within this framework has found stability around the $0.000007 mark, resulting in a minor consolidation phase above it.

As this consolidation phase unfolds, it has the potential to reinvigorate the underlying bearish sentiment, possibly leading to sellers gaining the upper hand and breaking through the lower support level. In such a scenario, a subsequent price drop could be substantial, reaching a decline of up to 28%, with the target set near the $0.000005 level, aligning with the wedge pattern’s support. As long as this pattern retains its influence, the SHIB token’s price would continue its descent southward.