Shiba Inu (SHIB) Continues Its Aggressive Token Burn Strategy, Aiming to Reduce Supply and Drive Price Appreciation

Trader Notes: ‘Dogecoin millionaire’ Glauber Contessoto warns that the crypto market has become oversaturated with new meme coin launches

Shiba Inu (CRYPTO: SHIB) is continuing its aggressive token burn strategy, aiming to reduce supply and drive price appreciation.

Recently, an unknown whale withdrew 85.5 billion SHIB ($1.41 million), potentially influencing price movements.

Shibburn data shows 14.22 million SHIB was burned in the last 24 hours, pushing burn rates higher by 1,841.5%.

A single transaction involved the burning of 13 million SHIB.

Meanwhile, IntoTheBlock data shows Shiba Inu’s large transaction volume spiking 92.5% and daily active addresses growing 1.61% in a single day.

Transactions greater than $100,000 increased from 77 to 94.

Shibariumscan data also reports a increase in daily transactions from 4.63 million to 4.78 million.

As ‘Dogecoin millionaire’ Glauber Contessoto points out, the crypto market has become oversaturated with new meme coin launches.

He believes early strategies of holding Dogecoin (CRYPTO: DOGE) and Shiba Inu were simpler, but now the market is flooded with tokens, often leading to dilution.

Benzinga technical analysis shows Shiba Inu’s RSI at 36.4, reflecting oversold conditions that could potentially lead to a price rebound.

The simple moving average chart shows the 100-day SMA trending higher than both the 50-day and 200-day SMAs, pointing to a medium-term bullish trend despite short-term price swings.

It also shows potential stability and continued growth in the asset’s value compared to shorter-term fluctuations.