With a burn rate reaching 17,930% in just 24 hours, a whopping 49,046,845 Shiba Inu (SHIB) tokens have been permanently removed from circulation, according to the SHIB burn website.
The move is part of a major push to reduce the token’s supply and potentially increase its scarcity. Token burns are an important part of the network’s long-term strategy, where tokens are sent to inaccessible wallets deliberately, removing them from circulation forever.
Shiba Inu token burn highlights community commitment
As the burn rate increases, the supply reduces faster, which can lead to a rise in demand, provided there is plenty of activity in the ecosystem. The latest burn is one of the largest in recent weeks and further proves the Shiba Inu community and developers’ commitment to managing the token’s supply.
The massive increase in the burn rate indicates either a sharp rise in transaction-based burns (where some tokens are automatically removed from circulation after every trade) or a coordinated effort to remove a large quantity of tokens at once.
Even though burns alone cannot guarantee price increases, investors watch them closely as a sign of the project’s long-term viability and community strength.
The SHIB Army remains one of the most active in the crypto ecosystem, with over 1.5 million holders. It continues to push the token’s adoption through partnerships, developments like Shibarium (a layer-2 blockchain), and consistent burns.
SHIB price dips amidst surging trading Interest
The 16th-ranked cryptocurrency by market cap is showing mixed signals on the price chart. According to the latest CoinMarketCap data, SHIB is currently trading at $0.00001442, down 1.45% over the past 24 hours.
Despite the drop in SHIB’s price, the token’s trading volume over the same period rose by 22.67% to $292.07 million, suggesting a sharp rise in interest in the token. One of SHIB’s unique features is its total supply of 589.5 trillion tokens, with almost all of it already in circulation.
While digital assets like Bitcoin and Ethereum have capped or controlled issuance, most of Shiba Inu’s supply was released at launch. Therefore, community-driven activities and burns are necessary to help maintain the token’s long-term value.
The token’s 24-hour trading volume to market cap ratio of 3.43% suggests that SHIB can be traded without drastic price swings.
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