Shiba Inu is on a burning mission. The meme coin’s burn rate saw a staggering 3010% increase in just 24 hours, despite a slumping price. This aggressive token burn is a community-driven effort to reduce supply and potentially drive the price up.

SHIB Burn Rate Soars as Price Falls

While the price of Shiba Inu (SHIB) continues to struggle, trading below $0.000022, the burn rate has exploded. According to Shibburn, a platform tracking SHIB burns, over 232 million tokens were destroyed in a single day. This significant reduction in circulating supply aims to create upward pressure on the token’s value.

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Community Steps Up to Burn SHIB

The burn effort appears to be a collective push. A single wallet burned a whopping 225.63 million SHIB tokens, while other community members also contributed. This demonstrates a strong commitment within the SHIB army to influence the coin’s price.

Will Burning Help SHIB Rise Again?

Despite the surge in burning, SHIB’s price dipped slightly. However, trading volume spiked by 30%, indicating increased activity. The key question is whether burning will be enough to reverse the downtrend. For SHIB to see a significant rebound, it needs to surpass the crucial resistance level of $0.000025. If achieved, this could pave the way for a climb towards $0.00005 and potentially even $0.0001. However, the overall bearish market sentiment makes this an uphill battle.

Community Action in a Bearish Market

The recent burning frenzy highlights the power of community action in the cryptocurrency space. While the short-term impact on price is yet to be seen, it is a noteworthy attempt to influence the future of Shiba Inu. The success of this mission will depend on sustained burning efforts and a shift in the broader market climate.