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Shiba Inu Community Burns 284M Tokens In 24 Hours, What’s Happening?

The latest Shiba Inu burn data has prompted a highly bullish outlook for SHIB price's long-term prospects as 284M tokens were destroyed.
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Shiba Inu Community Burns 284M Tokens In 24 Hours, What’s Happening?

Highlights

  • The Shiba Inu burn rate again dealt a huge blow to the supply, removing 284 tokens.
  • However, SHIB price shows negligible short-term impact.
  • Nevertheless, broader market sentiments about long-term price prospects remain bullish.

The Shiba Inu community is once again mirroring optimism amid a massive 3,800% burn rate recorded on Thursday. On-chain metrics have revealed that 284 million SHIB got destroyed in the last 24 hours, suggesting a bullish outlook for long-term price prospects. SHIB price is currently trading around the $0.000013 price level, with the crypto holding support at $0.000012.

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Shiba Inu Burn Rate Soars 3900% As 284M Coins Destroyed

According to the official tracker Shibburn’s data on May 1, the Shiba Inu burn rate sky shot by a whopping 38299% in just 24 hours. As per the data, this massive surge came against the backdrop of 283.74 million tokens ditched from the supply intraday.

Source: Shibburn official site

Primarily, the wallet address 0x6081258689a75d2…887239fe was reported to be responsible for the lion’s share in the burn upswing as it solely burnt 263.70 million SHIB over the past day. In the upshot, broader market sentiments about such massive burns remain bullish, given the law of supply and demand.

It’s notable that the SHIB burn mechanism permanently reduces the supply by sending tokens to a null address, making their retrieval impossible. In turn, the meme coin’s supply takes a severe hit, and long-term price prospects also reflect optimism.

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SHIB Price Still Waning

However, despite the massive burn rate surge, SHIB coin’s price has prevented any major gains and continued its consolidation today2. At the time of reporting, the meme coin rested at $0.00001331, maintaining a trading session around the previous day’s levels.

Notably, the short-term impact of such massive burns is usually negligible, although historical data shows that it is bullish for long-term prospects. A total of 410.73 trillion tokens have been burnt to date, thanks to the Shiba Inu burn mechanism. Besides, 584.41 tokens are still left in circulation, per the tracker’s data.

A SHIB price prediction by CoinGape in the interim revealed that the meme coin eyes a price rally shortly ahead. This bullish projection rides the back of strong technicals and bullish on-chain metrics. Notably, the dog-themed crypto is currently in an accumulation zone and the next key level to watch is $0.00001364. Overall, broader market sentiments orbiting the meme coin remain bullish amid rising Shiba Inu burn rates and other bullish dynamics.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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