The Shiba Inu community has burned a significant amount of SHIB ($0.00) tokens in the last week. This initiative aims to create scarcity by reducing the circulating supply, ultimately increasing SHIB prices. As a meme coin ranked second, SHIB’s market capitalization is expected to recover in the coming days.

Over the past week, the Shiba Inu community burned a total of 87,175,135 SHIB tokens. This indicates a 52.74% increase in the burn rate, as 87.17 million tokens were burned in the last seven days. A post on Shibburn’s X platform noted a 90.17% decrease in the burn rate over the last 24 hours. The primary objective of this initiative is to control the circulating supply of the meme coin and facilitate price increases. Currently, the circulating supply of SHIB stands at 589.25 trillion.

Impact on SHIB Prices

So far, SHIB prices have reacted positively to this development, showing a 1.33% increase in the last 24 hours. However, SHIB prices have experienced a decline of 9.52% over the past week and 23.63% in the last month. The 24-hour trading volume decreased by 10.29%, while Open Interest rose by 31.32%. Overall sentiment toward SHIB appears to be bearish, with an FGI score of 69 and volatility at approximately 10.09%.

Two factors are influential for the Shiba Inu community: speculation about future SHIB prices and the launch of the TREAT token. Acc...