The Shiba Inu (SHIB) community has taken decisive measures to increase the cryptocurrency’s value by significantly accelerating the pace of coin burning. By transferring vast quantities of the meme coin into dormant wallets, they are effectively reducing the number of SHIB in circulation. This strategy has gained momentum as proponents seek to enhance the coin’s market position against its primary rival, Dogecoin (DOGE).
Sharpa Rise in SHIB Coin Burning Activities
Recent data reveals a dramatic 162.85% surge in SHIB’s daily coin burning over the past day, with over 16 million coins removed from circulation via nine separate transactions. The most prominent burn transaction alone accounted for over 5 million SHIB, demonstrating the community’s commitment to this deflationary tactic. Access COINTURK FINANCE to get the latest financial and business news.
While SHIB’s price has seen a small 2.40% uptick in response, it has struggled to maintain this progress, facing a subsequent 1.2% decrease. Despite a general downward trend recently, the coin received a potential boost from trading support on the Nexo platform and the introduction of SHIB-based trading pairs.
Market Anticipates Post-Halving Price Surge
Expectations are high as analysts, including those from the SHIB team, predict the meme coin’s price could soar to new heights following Bitcoin‘s impending halving event. Armando Pantoja notably forecasts a notable rise in SHIB’s value, alongside optimistic projections for other altcoins. Simultaneously, Shibarium, a dedicated platform supporting Shiba Inu, has reported substantial growth in transactions and wallet creation.
Implications for the Reader
- Active SHIB burning may indicate a community-driven effort to induce scarcity and increase value.
- The coin’s response to the halving event of Bitcoin could be a critical factor for investment decisions.
- Shibarium’s progress serves as a testament to the coin’s growing ecosystem and potential for future expansion.
The concerted action by the Shiba Inu community not only reflects the dynamic nature of meme coin economies but also serves as an important barometer for investors monitoring the implications of coin burning on market prices.