Shiba Inu Hints at Price Reversal After a 284% Spike in SHIB Burns

The Shiba Inu community has kept up its effort towards establishing price stability for the dog-themed cryptocurrency SHIB by burning a fresh batch of tokens. Shiba Inu’s latest token burn was significant, showing a 284.3% increase in the token removal mechanism within 24 hours.

According to reports, the Shiba Inu community permanently removed 12,546,958 SHIB from circulation. The move sparked optimism among SHIB users and was reflected in the memecoin’s price.

SHIB closed Wednesday’s trading session with a 2% profit margin, marking the first time the cryptocurrency ended the session in profit for over one week. Beyond Wednesday’s delivery, the memecoin continued with the bullish momentum on Thursday and aims to retest Wednesday’s high.

It’s important to understand that Wednesday’s SHIB burn is a routine operation by the Shiba Inu community. The operation aims to reduce the circulating supply and create scarcity. The community hopes this will drive SHIB’s value higher, leading to price increases.

With Wednesday’s token burn, the total number of SHIB tokens removed from the Shiba Inu network has reached 410,743,188,960,287. That leaves a balance of 584,255,575,937,229 SHIB as the circulating supply, according to data from the Shibburn platform. Meanwhile, 5,001,235,102,482 SHIB out of the circulating supply remains staked.

SHIB’s Recent Price Action and Future Outlook

SHIB traded for $0.00001866 at the time of this writing, showing a 4.35% rally within the last 48 hours, according to data from TradingView. Though minimal, the slight price rally suggests the potential return of bullish sentiment among the memecoin’s community members.

Shiba Inu has experienced bearish pressure in the medium term, dropping below notable support at $0.00002202. Getting above this support-turned-resistance will boost users’ confidence and confirm a trend reversal for SHIB. Nonetheless, the Shibburn effect remains valid as the memecoin project’s team works towards price stability.

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