My lovely people, the Shiba Inu community is on fire, literally! 🔥 It turns out that the creators of this memecoin are going all out on the 'burn' mechanism for tokens, and the numbers are insane.
To give you an idea, in the last 24 hours, the SHIB burn rate skyrocketed by 10,845%! 🤯 This means that over 9.5 million SHIB were sent to wallets that are no longer active. And why are they doing this? Because they want SHIB to become scarcer, and the law of supply and demand says that if something is scarce, its value tends to go up! It's like when an artist releases very few tickets for a concert; they sell out and the price skyrockets!
The SHIB community, hands on deck!
This massive burn is not a coincidence; it's a community effort to recover the price of SHIB and give it a new boost. Currently, the circulating supply of SHIB is around 589 trillion tokens, an enormous figure! But with these constant burns, the idea is to reduce that amount so that each remaining SHIB is worth more. It's a slow and steady job, yes, but if it continues over time, the impact can be huge.
Is the big party coming for SHIB? 🎉
Thanks to this burn move, the price of Shiba Inu has already started to show signs of life. At the time of writing this, SHIB was trading at $0.00001186, a 3.66% increase in just 24 hours. It’s not a moonshot yet, but it’s a good push!
Technical indicators are also lending a hand. The Relative Strength Index (RSI), which acts like a market thermometer, has risen above the 'oversold' zone, which is considered a bullish signal. This means that the combination of the burn and technical indicators could be setting the stage for a larger rally.
Of course, the trading volume is still a bit weak, at $83.93 million, indicating that some investors are keeping a close eye, waiting to see if the price stabilizes. But if the community keeps burning tokens and the volume picks up, SHIB could break the resistances at $0.00001210 and $0.00001250, and then it could go above $0.000013!
Calm down, calm down, don't panic! 🧘♀️
Amid all this hustle, the folks at Shiba Inu have had to step in to calm the nerves. It turns out that a couple of centralized exchanges decided to remove SHIB from their listings. But Lucie, the marketing head of the ecosystem, said no to 'FUD' (fear, uncertainty, and doubt)! She assured that the platforms were being a bit sneaky and that the community shouldn't worry. In fact, she urged users to rely less on centralized exchanges and trust more in the development of the ecosystem!
So, my people, the future of Shiba Inu is on fire. Will this massive burn be the push it needs to take off? We need to keep a close eye on this story, as it promises strong emotions!$SHIB
