The Shiba Inu (SHIB) community recently witnessed a significant event where 14,372,556 SHIB tokens were burned, eliminating them from circulation. Token burning is a method to reduce the overall supply of a cryptocurrency and create scarcity, potentially increasing the value of the remaining tokens. This burn is part of ongoing efforts by the SHIB community to reduce the token's massive supply. However, some community members express concerns about the pace of the burns and suggest more aggressive methods may be necessary for a significant price impact. Despite the burns, SHIB's price has declined in the last 24 hours and faces resistance at certain price levels. In other news, the SEC issued guidance stating that meme coins like SHIB are not securities but rather collectibles, providing clarity on the application of federal securities rules to crypto assets.



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