The Shiba Inu community witnessed a significant increase in the token's burn rate, which soared by 108.73% over the past week. This resulted in nearly 100 million SHIB tokens being removed from circulation, signaling an active effort by the community to reduce supply.
Despite this substantial increase in the burn rate, the future momentum of SHIB remains uncertain due to a noticeable decline in whale activity, which refers to major holders of the cryptocurrency. This reduction in activity could potentially influence SHIB's market dynamics.
Additionally, the limited short-term buying power observed in the market presents further concerns. Market participants are closely monitoring these opposing trends, as they may have significant implications for SHIB's price and adoption in the near term.
