Shiba Inu Burns 9.6M Tokens Daily Amid DAO Election Push

Shiba Inu (SHIB) has recently experienced a dramatic surge in its token-burning activity, marking one of the most intense burn sessions in the project's history. Over the past week alone, the burn rate increased by 3,464%, with approximately 9.6 million SHIB tokens burned in a single day [1]. This burn frenzy aims to reduce the massive circulating supply, which currently stands at 589 trillion tokens. Despite this aggressive effort, SHIB's price remains relatively unchanged, trading at around $0.00001280 as of the latest data [1].

The community, often referred to as the “SHIB Army,” is reacting with mixed sentiments. While some members are enthusiastic about the project's progress toward decentralization, others are critical of the leadership, particularly of lead developer Shytoshi Kusama, for his involvement in side projects like SHY, which some view as a distraction [1]. Additionally, the community is split on the governance structure, with concerns raised about the influence of large token holders in the upcoming voting process.

A major development on the horizon is the first-ever DAO elections for Shiba Inu. Announced by Kusama, these elections represent a pivotal step toward a more decentralized model, aiming to empower the community and enhance the project’s transparency [1]. The interim president election, as part of the DAO initiative, is seen by many as a symbolic milestone for SHIB’s fifth anniversary. According to Woof, a prominent community figure, a focus on action and trust-building should be at the forefront of this transition, rather than political maneuvering [1].

Despite the excitement around these developments, SHIB’s price remains subdued, having fallen 44% year-to-date [1]. Analysts note that for SHIB to reach ambitious price targets like $0.0001 or even $0.01, the token would require a substantial increase in demand, far beyond the current market conditions [1]. The DAO elections could serve as a catalyst by improving governance and attracting institutional interest, but the road ahead is still uncertain.

In the short term, SHIB faces a critical resistance level at $0.00001614. Failure to break through this threshold could result in a further correction. However, continued burn activity and favorable market conditions may support a potential breakout in the future [1]. Investors are advised to remain cautious due to the token’s high volatility and reliance on broader ecosystem growth.

Source: [1] Shiba Inu’s Burn Frenzy & DAO Elections Could Trigger Huge SHIB Rally (https://coinmarketcap.com/community/articles/6895cd682b7b6c46706e5ed7/)