Shiba Inu Token Burn Rate Increases 1,500%

Bittime - Shiba Inu (SHIB) recently recorded important developments in its ecosystem with the token burn rate increasing by 1,500% in the last 24 hours. Based on data from Shibburn, the official tracker of the Shiba Inu community, as many as 33.01 million SHIB tokens were permanently removed from circulation in this period. This increase had a positive impact on the token price, which rose 2% and reached $0.00002264.

Impact of Token Burning on SHIB Price

The SHIB price recorded at $0.00002264 shows a positive response to the huge token burn. Trading activity shows a daily range between $0.00002198 and $0.00002294, indicating stable market movement despite a spike in token burning. Burning this token is a strategic step in reducing the circulating supply of SHIB, which has the potential to affect the long-term value of the token.

Weekly Token Burn and Supply Reduction Pattern

In addition to the token burns in the last 24 hours, weekly data shows a broader pattern of supply reduction, with 44.03 million SHIB tokens burned in the last seven days. This burning not only reduces the number of tokens in circulation but also creates a scarcity of SHIB in the market. This move is part of SHIB's tokenomics mechanism designed to increase the value of the token in the long term by creating deflation.

Read also: Shiba Inu Token Price Prediction for 2025, Will SHIB Value Increase or Decrease?

Shiba Inu and TREAT Token Launch Preparations

The success of this token burn was further encouraged by confirmation from Shiba Inu's main developer, Shytoshi Kusama, who revealed that the Shiba Inu ecosystem was preparing to launch a new token called TREAT. Although details regarding the use and function of this token have not yet been fully announced, this announcement adds to the enthusiasm within the Shiba Inu community and further expands the rapidly growing ecosystem.

Technical Indicators and Price Movement Trends

Technically, the indicators show a stable picture with the potential for further increases. The Relative Strength Index (RSI) is currently at 58, indicating room for upward price movement without entering overbought territory. Strong support lies at the $0.00002000 price level, while the key resistance level to watch is $0.00002300, which is at the 200-day moving average.

Read also: Shiba Inu (SHIB) Developer Will Launch TREAT Token

In addition, the Average Direction Index (ADX) shows the number 40, which indicates a strengthening market trend. This indicator, along with stable trading volumes, paints a picture that market interest in SHIB continues to increase.

Shibarium and Layer-2 Solutions

Apart from burning tokens, Shiba Inu is also continuing to develop Shibarium, a Layer-2 scaling solution that is expected to solve the problem of transaction speed and costs. As Shibarium increases in adoption, the network becomes more efficient for both users and developers, increasing the overall appeal of the Shiba Inu ecosystem.

Ecosystem Development and Future Plans

The SHIB token burn is not the only development taking place in the Shiba Inu ecosystem. The development team is continuously working to improve the technical infrastructure and expand partnerships that can increase network adoption. Additionally, confirmation of the TREAT token launch adds a new dimension to the Shiba Inu ecosystem, opening up opportunities for further development.

SHIB trading volume remained stable despite this spike in token burns, indicating that the market remains active and interested in developments occurring within the Shiba Inu ecosystem. SHIB tokens continue to trade actively across major exchanges, reflecting consistent investor interest.

Conclusion

The drastically increasing burn rate of SHIB tokens, along with the upcoming launch of the TREAT token and the continued development of Shibarium, shows that Shiba Inu is further strengthening its position in the cryptocurrency market. 

While burning these tokens can create scarcity and increase long-term price potential, you still need to monitor price movements closely. Key levels like $0.00002000 as support and $0.00002300 as resistance will continue to be important indicators for SHIB price movement going forward.

By continuing to develop its ecosystem, Shiba Inu is increasingly showing potential as a cryptocurrency project that is worth paying attention to, both by investors and crypto fans in general.

FAQ Token TREAT Shiba Inu

What are TREAT tokens? 

TREAT token is a new token launched by the Shiba Inu ecosystem. This token will play an important role in achieving full decentralization within the Shiba Inu ecosystem, as well as being used in various features such as yield farming, governance, and real-world transactions through SHIB Pay.

When will the TREAT token be launched? 

The official launch of the TREAT token is scheduled for January 2025. While an exact date has not been announced, Shiba Inu has confirmed that the token will be available that month.

What are the main benefits of the TREAT token for Shiba Inu users? 

The TREAT token will provide access to advanced features in the Shiba Inu ecosystem, including WOOF Wars (yield farming), a governance system, and integration with SHIB Pay for real-world transactions. This token is also an important step towards full decentralization in the Shiba Inu ecosystem.

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Reference

Blockonomi, Shiba Inu Price: Massive SHIB Token Burn Sparks Price Movement as Ecosystem Expands, accessed January 5, 2025.

Author: MF