The Shiba Inu (SHIB) token‘s burn rate has skyrocketed by over 25,000% in a community-led effort to boost the token’s value amid the current market downturn.
In just one day, 658,082,956 SHIB tokens were burned through 11 transactions, reducing the total SHIB supply from 1 quadrillion to 410,725,555,674,170.
Despite the token burns, SHIB’s market value has not shown clear signs of recovery, with the token price trading between $0.000022 and $0.000025 and facing resistance at around 51 trillion SHIB.
SHIB’s market capitalization has fallen by 12%, now standing at $12.7 billion, with a daily trading volume of $1.9 million, indicating a strong bearish trend.
The community remains hopeful that the deflationary measures will eventually boost SHIB’s value, though the long-term success of this strategy is uncertain given the ongoing market challenges and investor caution in the broader cryptocurrency landscape.
Source: CRYPTO INTELLIGENCE
