The #ShibaInu (SHIB) ecosystem witnessed a significant supply contraction over the past 24 hours, as data from the Shibburn tracking service revealed a dramatic 2,416.44% surge in the SHIB burn rate. A total of 53,913,481 SHIB tokens have been permanently removed from circulation during this period, reflecting heightened community-driven efforts to reduce token supply.
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Major $SHIB Burns Drive Supply Reduction
The largest individual SHIB burns recorded since yesterday morning include transactions of 14,178,952 SHIB, 23,068,929 SHIB, and 11,264,137 SHIB sent to dead wallets. This burn activity represents a notable increase compared to the previous weekend, when the SHIB burn rate spiked by over 22,662%, albeit with a lower total of 37,959,900 SHIB removed.
These token burns aim to create scarcity, potentially supporting SHIB’s long-term value proposition by decreasing the circulating supply.
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SHIB Price Gains 4.8% as Market Sentiment Improves
SHIB’s price has responded positively to the latest developments, climbing 4.8% from $0.00001408 to $0.00001476. The meme coin’s price action appears to be in tandem with broader market movements, particularly following Bitcoin’s rally.
Bitcoin (BTC) has surged 2.43% in the past 24 hours, currently trading at $110,064 after breaking above the $107,500 resistance level. This upward momentum was fueled by geopolitical developments, as the U.S. government announced a delay in the implementation of 50% trade tariffs on European goods, now pushed from June 1 to July 9. The decision followed a request by European Commission President Ursula von der Leyen during a recent phone call with U.S. President Donald Trump.
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Conclusion
The recent spike in SHIB burns underscores the community’s ongoing commitment to reducing the token’s supply, contributing to upward price pressure in the short term. As broader market conditions continue to influence sentiment, SHIB’s price trajectory may remain closely tied to major market catalysts, such as Bitcoin’s price action and macroeconomic developments.
Investors should monitor further burn activity and market updates for potential impacts on SHIB’s supply dynamics and price performance.
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