Shiba Inu Burn Rate Surges 7,418% with Over 2 Billion Tokens Burned
Shiba Inu, a prominent meme coin, has experienced a 7,418% increase in its burn rate, resulting in over 2 billion SHIB tokens burned within the past week. This reduction in circulating supply has generated optimism among investors, with Shiba Inu's price trading at yearly highs.
Shiba Inu Weekly Burn Reaches New Highs
Shibburn, the platform tracking SHIB token burns, reported a significant spike in the weekly burn rate leading up to November 30, with approximately 1.937 billion SHIB tokens removed from circulation. The total number of SHIB tokens burned over the past seven days has surpassed 2 billion, reaching 2.15 billion, including 386.5 million burned in the last 24 hours.
How Burn Mechanics Impact SHIB Price
Token burns reduce cryptocurrency supply to increase scarcity and create upward pressure on prices. For Shiba Inu, which started with a total supply of 1 quadrillion tokens, consistent burns are essential for long-term valuation. Recent efforts have nearly halved the circulating supply, now at 589.26 trillion SHIB tokens.
The goal remains to burn a majority of the created SHIB tokens. Lead developer Shytoshi Kusama stated that while burning 99% of SHIB is challenging, it is a possible objective. He emphasized that utility and viral distribution are also crucial for the token's success.
Currently, Shiba Inu trades at $0.00003059, reflecting a 13% increase in the past 24 hours, with an intraday high of $0.00003146, nearing a new price high for 2024.
Featured image from Pexels, chart from TradingView