Shiba Inu, an Ethereum-based meme coin, gained significant traction as its community destroyed remarkable amounts of SHIB amid price slump. By Coingape Staff 4 hours ago
Story Highlights
- Shiba Inu community shifts over 383 Mln SHIB to a dead wallet, sparking enthusiasm.
- Shiba Inu continues mirroring optimism with its recent colossal burning chronicles and developmental endeavors.
- Shiba Inu dips today, although a pump may be looming.
In a recent bid to boost optimism across Shiba Inu’s ecosystem, the Shiba crypto community witnessed the incineration of colossal amounts of SHIB today, nabbing significant attention among crypto market enthusiasts. As per insights unveiled by the meme coin’s burn tracker, Shbburn, the community shifted over 383 million SHIB to a dead wallet in the past 24 hours over a series of three transactions.
This move sparked immense curiosity among crypto market trades and investors globally as Shiba Inu traded in the red today, following a massive pump witnessed over the past month. With burgeoning whale activity, the community’s recent developmental endeavors, and the constant burning of SHIB, the meme coin crafts a bullish landscape for itself amid the beginning of the much-awaited crypto market bull run.
Shiba Community Continues Efforts To Jack Up SHIB
Intriguingly, the constant burning of Shiba Inu coins comes as an effort by the meme coin’s community to support the token’s market dynamics. With the SHIB supply taking a hit with colossal amounts of tokens burnt regularly, the Shiba crypto community hopes to bring about a remarkable price action shift, pushing SHIB for a bull run.
According to the data revealed by Shibbrun, 383.46 million coins were destroyed by the meme coin’s community over the past 24 hours. Among these three transactions showcasing SHIB transfers to a dead wallet, the first illustrated 99.67 million tokens burnt, while the second and third displayed 272.88 million and 10.91 million tokens burnt.
Although negligible, even with the colossal amounts of SHIB burnt over the past day, today’s burn rate jumped by only 29.23%. Meanwhile, Shiba Inu’s contrasting price action noted today birthed additional inferences.
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Shiba Inu Dips
As of writing, the Shiba Inu coin’s price noted a substantial drop of 5.93% over the past 24 hours and is currently trading at $0.00003237. With a roughly 250% surge over the past thirty days, today’s drop hinted at a much-awaited correction period, with a tidal wave of optimism curated for future pumps for the token.
Amid the meme coin rally witnessed across the broader crypto market, Shiba Inu appears to have faced a roadblock at $0.0000456. However, aligning with the community’s recent developments, continued burning, and burgeoning whale activity, a bullish sentiment among investors for the token prevails.
A breakout above the immediate resistance of $0.000037 would be an early sign of renewed recovery for the token’s potential path to $0.0000456, provided further SHIB buying persists. The ongoing consolidation could aid SHIB buyers in potentially replenishing the exhausted bullish momentum and prepare for the next upswing.