As a seasoned crypto investor with a knack for spotting promising opportunities, I find myself intrigued by the recent surge in Shiba Inu’s burn rate. With over 2 billion tokens torched in just a week, it’s like watching a blazing bonfire of digital coins, and I can’t help but feel a sense of satisfaction knowing that my investment is part of this fiery spectacle.
The well-known meme cryptocurrency, Shiba Inu, has experienced a remarkable jump in its burn rate recently. There was a massive 7,418% increase and more than 2 billion SHIB tokens were burned over the last week alone. This substantial decrease in available supply has sparked hope among investors, particularly given that the price of Shiba Inu is now reaching record highs for the year.
Shiba Inu Weekly Burn Reaches New Highs
Last week, Shibburn, the go-to platform for tracking SHIB token burns, announced on social media an impressive 7418% surge in the weekly burn rate of SHIB tokens. This substantial increase led to the elimination of around 1,937,000,000 SHIB tokens from circulation, marking a significant step forward in the continuous mission to decrease the token’s excessive supply.
According to Shibburn’s recent post, the pace of SHIB token burns has been accelerating, mirroring the rise in Shiba Inu’s price. As I write this, over 2.15 billion SHIB tokens have been burned in the last seven days, a significant increase. Out of these, nearly 386.5 million tokens were burned just within the past day.
How Burn Mechanics Impact SHIB Price
Token burning is a method used to decrease the available amount of a cryptocurrency in circulation, increasing scarcity and potentially boosting its price. For Shiba Inu, which began with an enormous quantity in circulation, regular and significant burns are essential for its long-term worth. Originally, Shiba Inu had a total supply of 1 quadrillion tokens, but the efforts to burn SHIB have lowered the circulating amount by nearly half.
The latest Shiba Inu burn figures underscore the community’s dedication to this strategy, with over 2 billion tokens removed from circulation within a single week. At the time of writing, the total circulating supply of the meme coin is 589.26 trillion SHIB tokens.
The objective has consistently been to destroy more than half of the SHIB coins ever generated, as stated by the main developer of Shiba Inu, Shytoshi Kusama. This ambitious target can be met, but it’s important to note that burning 99% of all existing SHIB tokens is challenging for several reasons.
Additionally, he pointed out that Shibu Inu’s success isn’t limited to burns alone. It’s crucial to provide this meme coin with utility and drive it to a stage where its distribution becomes viral, making people less inclined to burn the token because they don’t want to lose their holdings.
Currently, as I speak, the value of Shiba Inu is being exchanged at approximately $0.00003059. Over the last day, it has climbed around 13%. It’s worth noting that during this period, the price peaked at an intraday high of $0.00003146, which is almost reaching a new record for 2024.
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2024-12-01 16:52