Shiba Inu Burn Explodes 3,194%: Can It Change The SHIB Price Trajectory?
Summary
Shiba Inu's burn activity surged by 3,194% in 24 hours, with over 521.6 million SHIB tokens permanently removed from circulation. The increase was driven by a few large transactions, notably from a wallet starting with "0xdb6," which contributed over 500 million SHIB to the BA-1 burn address. Other wallets also participated, but their contributions were smaller. Despite this significant burn, the circulating supply remains over 589 trillion SHIB, posing challenges for long-term price appreciation. Currently, SHIB trades between $0.00001225 and $0.0000119, down 1.7% in the last 24 hours. Community sentiment remains optimistic, with hints of potential future developments from lead developer Shytoshi Kusama that could impact price trends.
