The Shiba Inu (SHIB) community has ignited a massive token-burning campaign, with data from Shibburn revealing a 2,753% surge in the 24-hour burn rate, resulting in 6,442,486 SHIB permanently removed from circulation. Over the past seven days, 135,130,906 SHIB tokens were destroyed—a 360.87% weekly increase—marking accelerated deflationary efforts through community initiatives and automated burns within the Shiba Inu ecosystem.
This burn mechanism aims to reduce SHIB's total supply, currently at 589.25 trillion tokens, enhancing scarcity for potential long-term value growth. Despite the aggressive burning, SHIB's price remains volatile, trading at $0.00001367 after a 0.13% 24-hour recovery. Technical analysis shows SHIB struggling below the $0.00001434 resistance (aligned with the 200-day SMA), having dipped to $0.00001299 recently. While the token holds above the Ichimoku cloud (indicating bullish momentum), its RSI at 50 signals near-term consolidation.
Burn rates fluctuate significantly—earlier spiking 6,500% before dropping 94%—but cumulative weekly burns remain 388% higher than the previous period. Analysts project a potential 5x rally to $0.000030 by Q4, driven by ecosystem developments like ShibOS Alpha Layer, though short-term indicators (declining MACD, RSI near 50) suggest possible further dips amid broader market profit-taking.