An unidentified user has burned 290.43 million SHIB tokens, marking a notable increase in the coin’s burn rate. This action, reported by the Shibburn tracker, contributes to a total of over 900 million SHIB tokens burnt throughout June. Consequently, the supply of Shiba Inu faces a considerable reduction, potentially impacting its future market dynamics.
The recent burn event underscores a growing trend in the token’s ecosystem, aimed at reducing circulating supply and potentially influencing price movements. Notably, the total number of SHIB tokens burnt now exceeds 410.727 trillion since inception, reflecting ongoing efforts to manage supply dynamics favorably.
LEASH, BONE, and SHIB Show Strong Gains in Shiba Inu EcosystemFollowing the burn, Shiba Inu’s price has responded positively, reflecting market optimism fueled by reduced token availability. As per the latest update, Shiba Inu is trading at $0.000017, accompanied by a 1.06% increase over the past 24 hours. Its market capitalization stands at $10.13 billion, with a circulating supply of 589.27 trillion SHIB coins.
Moreover, analyzing market indicators, the cryptocurrency exhibits a bearish trend as observed from its position below the 200-day Exponential Moving Average (EMA). Additionally, Bollinger Bands have shown tightening, indicating decreased volatility in the recent trading sessions.
Further analysis through the Moving Average Convergence Divergence (MACD) suggests a bearish momentum, with the MACD line positioned below the signal line and below the zero line. Meanwhile, the Relative Strength Index (RSI) stands at 33.25, approaching oversold territory, reflecting weakening market momentum.
Consequently, as the supply of SHIB tokens diminishes, investors and market participants may anticipate continued upward pressure on prices, driven by the principles of supply and demand dynamics within the cryptocurrency ecosystem. While the immediate effects of the recent token burns are evident in Shiba Inu’s price performance, the long-term implications for its market position and investor perception are equally crucial.
