SHIB Price: 175 Mln Shiba Inu Tokens Burnt This Week, $0.00003 Looms?

Amidst a weekly price correction for Shiba Inu (SHIB), the meme coin's community has ignited a flicker of hope by burning a staggering 175 million tokens. According to the token's burn tracker, a precise 174.93 million SHIB tokens have been incinerated over the past week.

This colossal token removal has ignited a 281% surge in the weekly burn rate, potentially shielding the dog-themed meme token from further downward pressure. Delve into Shiba Inu's token-burning chronicles, developments, and price movements over the past week, which have fueled speculation about the potential for a rally to $0.00003.

SHIB Burn Data: A Magnified View

Shibburn, Shiba Inu's burn tracker, reveals that amid the 281% weekly surge in burn rate, today marks a 71.55% upswing in SHIB burn. With 42.76 million tokens burned in the past 24 hours, the meme coin appears to be employing supply reduction to mitigate further dips.

HOURLY SHIB UPDATE

• $SHIB Price: $0.00002254 (1hr 0.11% ▲ | 24hr -3.91% ▼ )
• Market Cap: $13,285,552,188 (-3.72% ▼)

• Total Supply: 589,273,678,791,906 TOKENS BURNED

  • Past 24Hrs: 42,769,551 (71.55% ▲)
  • Past 7 Days: 174,936,408 (281.27% ▲)

Circulating Supply and Tokenomics

At press time, the token's circulating supply stood at 582.94 trillion SHIB, with a total supply of 582.94 trillion coins. To date, 410.72 trillion tokens have been incinerated. Despite the destruction of nearly half of Shiba Inu's supply, the token has yet to embark on a parabolic uptrend.

Price Performance and Ecosystem Developments

SHIB commenced this year with optimism, surging from a low of $0.000008 to a peak of $0.00003 in March. This price rally mirrored the gains in the meme coin sector, as reflected by VanEck's meme coin index. SHIB also benefited from positive ecosystem developments.

While the community's token burn mechanism continued to incinerate substantial SHIB, the Shiba crypto community implemented upgrades to enhance tokenomics. However, following the peak level of $0.00003, SHIB has consolidated sideways, prompting speculation about future price movements.