Shiba Inu price action has been consolidating since the start of the week. However, the Shiba Inu community has increased SHIB burning activities in the past 24 hours, increasing the burning rate by more than 2,700%. What this means is that SHIB holders have been sending large amounts of the meme coin to unrecoverable wallets, reducing the overall supply amid attempts to push the price up.
Shiba Inu burn rate increases within 24 hours while SHIB decreases
SHIB tokens are normally sporadically burned, and any investor can burn tokens by sending them to one of three SHIB burning addresses. The number of members of the Shiba Inu team has increased awareness efforts in recent months to increase the burn rate of community members.
According to information obtained from the official SHIB burn tracker, Shibbburn, the Shiba Inu burn wallets have witnessed an influx of burn transactions in the past day. These burns came from four large transactions, the highest of which was 13,140,241 SHIB tokens burned in one go from address “0xa034”. As a result, the rate of SHIB burns increased by a whopping 2,752%, with a total of more than 14.8 million SHIBs burned. This is in stark contrast to the previous day’s figures, which amounted to approximately 2.5 million SHIB tokens sent to the fire addresses.
The Shiba Inu team has been particularly active in SHIB burns, burning a total of 33.8 billion tokens in four transactions this month. In all of this the SHIB community has been removed 410.69 trillion tokens from the initial SHIB token supply. At the time of writing, the circulating supply of Shiba Inu stands at 581 million tokens.
SHIB market cap currently at $6.146 billion. Chart: TradingView.com
SHIB transactions within a tight range
SHIB, on the other hand, has been trading within a narrow price range for about a week now, with the top resistance at $0.000011 and the support at $0.00001067 being the two main points of contention. There has been relatively little reaction to token burns this week, as the cryptocurrency is currently trading at $0.00001054, which is down 1.5% over the past seven days. According to data from IntoTheBlock, 37.26% of addresses are making a profit at the current price, compared to 42% profitability last week.
A larger 30-day time frame shows that SHIB has responded largely positively to the team’s major token burns. The second burn of 8.6 billion SHIB caused the crypto to make a strong spike that lasted for a few days, pushing the price to $0.00001165 on December 17. Despite the recent correction this week, the token is still holding on to 28.53% of its monthly gains.
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