Shiba Inu (SHIB) Ecosystem Sees Major Development with Nearly 50M Tokens Permanently Removed from Circulation

The Shiba Inu ecosystem has seen a major development with nearly 50 million SHIB tokens permanently removed from circulation. According to the SHIB burn website, the burn rate skyrocketed to 17930% in just 24 hours, with exactly 49046845 Shiba Inu tokens sent to inaccessible wallets.

A massive amount of Shiba Inu (SHIB) tokens have been removed from supply in one of the largest burns observed in recent times. According to the SHIB burn website, nearly 50 million SHIB were sent to inaccessible wallets.

The burn rate soared to 17,930% in just 24 hours, with exactly 49,046,845 Shiba Inu tokens burned. This brings the total SHIB tokens burned to date to 11,878,910,111, which are permanently removed from the circulating supply.

Token burns are a key part of Shiba Inu's strategy to reduce the token's supply and potentially increase scarcity. When tokens are burned, they are sent to wallets that cannot be accessed, effectively removing them from circulation forever.

The latest burn is particularly significant as it represents one of the largest in recent weeks, highlighting the ongoing efforts of both the Shiba Inu community and developers to manage the token's supply.

As the burn rate increases, the reduction in supply accelerates, which can potentially lead to increased demand if activity within the Shiba Inu ecosystem remains strong.

Shiba Inu is currently trading at $0.00001442, showing a slight decrease of 1.45% over the past 24 hours, according to CoinMarketCap. However, trading volume has risen by 22.67% to $292.07 million during the same period.

Shiba Inu is ranked as the 16th cryptocurrency by market capitalization. One of its unique characteristics is its enormous supply of 589.5 trillion tokens, with nearly all already in circulation. This contrasts with Bitcoin and Ethereum, which have a capped or controlled issuance.

Most of Shiba Inu's supply was released at launch, making community-driven activities like burns especially important for the token's long-term value proposition. The token's 24-hour trading volume to market cap ratio stands at 3.43%, which indicates that the token can be traded without causing dramatic price swings.

Shiba Inu has been a hot topic among cryptocurrency traders and analysts, with many focusing on the potential for a price rebound. The token is currently testing a crucial support level that could determine the next move in its market trends.

After failing to break through the $0.000017 resistance, Shiba Inu has undergone a significant correction, dropping nearly 20% over the past week. To maintain bullish momentum, the token must now hold critical support near $0.00001380.

According to technical analysts at Benzinga Pro, Shiba Inu appears to be transitioning from a corrective to an impulsive phase. The token has completed a complex W-X-Y-X-Z correction pattern and may be setting up for a new bullish wave if it holds above the key support level of $0.00001160.

Further analysis reveals that Shiba Inu's Market Value to Realized Value (MVRV) ratio has dropped to levels historically associated with price bottoms. A similar reading in Q3 2024 preceded a 128% rally in the token, suggesting potential for substantial gains if the pattern repeats.

On-chain transaction volumes in loss have also declined sharply from nearly 5 trillion SHIB to less than 600 billion, which could indicate that sellers are becoming exhausted and selling pressure may be easing.

Moreover, Chaikin Money Flow (CMF) is increasing as price declines, which some analysts interpret as smart money accumulation. Meanwhile, Average Directional Index (ADX) shows decreasing bearish power, potentially signaling a trend reversal.

Shiba Inu is forming what appears to be an ascending triangle pattern, with a possible breakout target of $0.000016. A successful break above this level could open the path for further gains, potentially leading to targets at $0.000022 and beyond.

Traders are now awaiting a reclaim of the $0.00001430 level, which would confirm strength and potentially trigger the beginning of a new rally phase in Shiba Inu.