The Shiba Inu (SHIB) ecosystem is experiencing consolidation in the market, leading to a surge in the burn rate of SHIB tokens. Over 3 million SHIB tokens have been sent to inactive addresses, indicating the community's commitment to reducing the supply of SHIB. The burn rate is seen as a crucial indicator of the meme coin project's health. As a result of the recent burn, a total of over 410 trillion SHIB tokens have been incinerated since inception, with 584 trillion tokens remaining in circulation. Despite the burn rate increase, SHIB's price is down by 2.42% in the past 24 hours, falling below the $0.00002 support level. Trading volume has declined, suggesting diminishing interest from traders. Nevertheless, the Shiba Inu development team is focusing on improving the protocol by introducing new features like Fully Homomorphic Encryption (FHE) for privacy and exploring new utilities. With plans for a metaverse pivot and continuous Shibarium chain upgrades, the team aims to position SHIB as the preferred ecosystem for meme enthusiasts. There are expectations that the SHIB price has reached a bottom and may soon start an uptrend to recover losses in the short term.



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