The Shiba Inu community has intensified its efforts to burn SHIB tokens in order to reduce the circulating supply and potentially boost the token’s price. In the past 24 hours, the burn rate has spiked by nearly 48,000%, with over 28 million SHIB tokens being removed from circulation. Over the past week, the burn rate has increased by 26.29%, resulting in the removal of over 290 million tokens. The most notable burn transaction involved the transfer of 28.15 million SHIB tokens by an unknown address. In total, the community has burned 410.66 trillion tokens, leaving approximately 589.34 trillion coins in circulation. Despite these burn efforts, the price of SHIB has been on a decline, with a 7-day decrease of over 1%. The current price stands at $0.000008345, with a 24-hour decline of 4%. The future outlook suggests a possible further decline in price, as the SHIB candles are below the median band of the Donchian Channel. However, there is still hope for a rebound, as SHIB retains nearly 20% of its gains from the previous month.