Shiba Inu Burns 600 Million Tokens in One Day

The Shiba Inu community just pulled off a massive move, burning more than 600 million SHIB tokens in a single day. The burn rate shot up by over 16,700%, making headlines across the crypto world.

But despite this massive supply cut, the SHIB price still fell by around 5%. So, what’s going on behind the scenes?

Over 600 Million SHIB Burned in a Single Day

Shiba Inu’s army has always believed in reducing the token’s supply to help push its price up. And they’ve been serious about it. According to Shibburn, the shib token burn tracker, over 602 million SHIB tokens were permanently removed from the circulating supply in just 24 hours.

The biggest chunk, nearly 601 million tokens, came from one wallet address, 0x8eb…c625f, that sent the tokens to a “dead” address, where they’re locked forever.

Because of this, the SHIB burn rate jumped by nearly 16,717% one of the biggest spikes seen in recent times.

Weekly Burns Show Long-Term Dedication

The weekly numbers also look strong. In the last seven days, more than 616 million SHIB tokens have been burned. That’s a 369% increase from the week before, showing the community is not slowing down.

This shows that SHIB holders remain serious about reducing the token’s supply, hoping that it will help the price rise over time.

Why Did the Price Drop?

Even with the huge burn, the price of SHIB has dropped by 5%, now trading around $0.00001349. This shows that burning tokens doesn’t always lead to a quick price boost, especially if there’s low demand or weak market conditions.

That’s disappointing news for many, but technical indicators might offer a reason. The Relative Strength Index (RSI) is sitting around 48.5, showing the token is in a neutral zone.

However, Shib price also faces strong resistance at $0.00001407. If it breaks past that, it could head toward $0.00001561. But if it slips below $0.00001253, there’s a chance of more downside.