Community Burns 1.2 Billion SHIB, Boosting Shiba Inu Price

Shiba Inu (SHIB) is gaining momentum after the community burned over 1.28 billion SHIB tokens in just 24 hours. This burn rate soared by 2,055%, and SHIB’s price jumped 5%. This sudden surge is sparking renewed optimism for the memecoin’s future.

Burn Efforts Drive SHIB Price Action

A major burn transaction was from wallet 2e241, which sent 33.73 million SHIB to a dead wallet. Another 3.56 million SHIB were burned shortly after. But the biggest burn came from wallet 2c32b, which incinerated a massive 1.003 billion SHIB tokens.

Other wallets also joined the burn effort. Wallet 60812 sent 38,580 SHIB to a dead address, and wallet 46340 burned 1.5 million tokens. These actions aim to reduce the token supply and increase scarcity, potentially boosting the price in the long term.

SHIB’s Price Soars Amid Strong Burn Rate

Thanks to the burn efforts, SHIB saw a 5% price rise in 24 hours, trading at $0.000002631 as of November 19. The token has risen 43% over the last month, establishing a strong bullish trend.

With this momentum, analysts expect SHIB to break through $0.00003 soon, especially as it holds above the critical support level of $0.000025. If these burn efforts continue, SHIB could see even greater gains.

The Shiba Inu community is proving its dedication. The more SHIB tokens burned, the greater the potential for scarcity and value growth. This drive could help push SHIB to new heights in the coming weeks.