The Shiba Inu community, known as the SHIB army, has significantly ramped up its efforts to decrease the circulating supply of SHIB tokens. Over the past 24 hours, the community has successfully burned 12,702,169 SHIB coins, marking a substantial 569.98% increase in the daily burn rate.

According to data from the Shibburn explorer, these burn transactions have collectively removed approximately $331.02 worth of SHIB from circulation. Despite the seemingly small fiat value, this daily burn is a noteworthy contribution from the SHIB community. Overall, they have managed to transfer a staggering 410,726,436,823,094 SHIB to unspendable blockchain wallets, effectively reducing the available supply.

In the last 24 hours alone, seventeen burn transactions were recorded, with the largest transfers being 3,081,664 SHIB, 2,126,681 SHIB, and several 1,000,000 SHIB lumps sent to dead-end addresses. However, the weekly burn rate has seen a significant drop of 71.87%, with 40,412,565 SHIB removed from the supply over the past seven days. Currently, there are 589,273,563,176,905 SHIB tokens circulating in the cryptocurrency market.

While the burn rate fluctuates, SHIB's market performance remains dynamic. The second-largest meme cryptocurrency by market capitalization has been trading within a range, attempting to break through a resistance level of $0.000026, with a strong support level at $0.000022. Over the past week, SHIB experienced significant volatility, with price movements fluctuating sharply. In the last 24 hours, the token's value increased by over 6%, rising from $0.00002515 to $0.00002628, before experiencing a pullback to $0.00002548—a 5.17% decline. The coin has since recovered by 2.53% and is currently trading at $0.00002613.

Additionally, Shibariumscan explorer data indicates a notable increase in transaction volume over recent days. On May 14, transaction counts dropped to 6,000 but surged by 209.33% on May 20, reaching 18,560 transactions. The current transaction count stands at 10,900, reflecting ongoing active engagement within the SHIB ecosystem.

As the SHIB community continues its concerted efforts to reduce the token supply through regular burns, these actions contribute to the broader goal of enhancing the token's value and market stability. The community remains vigilant and committed, demonstrating the powerful impact of collective action in the cryptocurrency world.