The Shiba Inu community has significantly reduced SHIB’s circulating supply. According to data from Shibburn, a popular tracking platform, the community burned 20,633,494 SHIB in the past day. This process required five transactions, with the largest one removing 19,443,692 SHIB permanently. These tokens were sent to an unspendable wallet, ensuring they can never re-enter circulation.
Weekly SHIB Burns Decline Slightly
Over the past week, SHIB holders have collectively destroyed 93,273,100 tokens. However, this represents an 8.92% decrease compared to previous weeks. Despite the recent drop in burn volume, the community remains committed to reducing supply and potentially boosting SHIB’s price in the long run.
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Following the recent burns, SHIB’s price experienced an upward movement. Over the last 24 hours, the token climbed by roughly 9%, rising from $0.00001162 to $0.00001267. This marked its first price increase since Friday when SHIB suffered a nearly 15% drop. The token’s price action closely followed Bitcoin’s movements, as the leading cryptocurrency gained 4% today, rebounding to $83,200 after an 11.26% decline since Friday.
Market Reacts to Bitcoin Reserve Announcement
The cryptocurrency market responded to recent news regarding the Strategic Bitcoin Reserve. Investors had anticipated new Bitcoin purchases, but the lack of confirmation led to some uncertainty.
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As a result, market volatility increased, affecting meme coins like SHIB. Since the beginning of the year, SHIB’s ranking on CoinMarketCap has dropped to the 18th position, moving closer to falling out of the top-20 list.
The token’s current market capitalization stands at $7.4 billion, reflecting its ongoing struggle to maintain its previous momentum.
