Through a large token burning process Shiba Inu’s market supply went down once more as 15+ million SHIB tokens left active circulation. Despite the token burn operation SHIB lost 6.4% of its value when market conditions weakened during the past 24 hours.
Following an initiative staged by Shiba Inu supporters they burned 15,104,251 SHIB in one day. Investors now destroy SHIB at a 470% higher rate as they use scarcity-enhancing technologies. Statistics show that two significant transactions resulted in most burned tokens.
The wallet at “0x541…f3ce” destroyed 14,089,269 SHIB and became the main participant in this large burning event. The wallet “0x6d0…e389e” included 635364 SHIB tokens during the burning process.
The tokens were sent to wallets that cannot receive any more funds which made them permanently unusable. Under its long-term deflationary approach Shiba Inu has removed 410.74 trillion SHIB tokens from its initial supply of 584.28 trillion which totals 410.74 trillion.
SHIB Struggles Despite High Burns and Whale Activity
SHIB continues to lose ground even with high levels of burning occurring as investors fail to recover vital support levels. During the last day the price of the meme coin dropped 6.4% to $0.00001504 and declined 30.7% over the month.
The decrease in SHIB value partly results from whales engaged in active trading. Research findings show Kraken handled a 1.24 trillion SHIB transfer worth $20.14 million. A high volume sellout does not provide evidence about future price action because the movement may represent short-term gain or long-term concern.
The rising trading activity hit $378.8 million in a day proving SHIB investors maintain their interest despite market declines. When more investors join the trading action with speculations that push up market momentum the price will naturally bounce back.
A recent history shows that token burns boosted Shiba Inu’s price but the market shows signs that bigger events must happen before the price recovers and stays that way. Investors want to see how major players move the market plus market conditions to solve the bearish trend for SHIB.
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