Shiba Inu Burns Spike 7,418% In One Week
Popular meme token Shiba Inu has seen a huge spike in its burn rate, increasing by 7,418% over the past week, with more than 2 billion SHIB tokens burned. The significant reduction in circulating supply has fueled investor optimism, especially with Shiba Inu prices currently at yearly highs.
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Shiba Inu weekly burn reaches new high
Shibburn, the official platform that tracks SHIB token burning, revealed on social media platform X that the weekly SHIB burning rate surged 7,418% this week As of November 30. The sharp rise resulted in approximately 1.937 billion SHIB tokens being withdrawn from circulation, a major milestone in the ongoing efforts to reduce the token’s massive supply.
After this X post by Shibburn, the momentum for SHIB burning has only increased along with the increase in Shiba Inu prices. As of this writing, the total number of SHIB tokens burned in the past seven days has exceeded 2 billion, reaching an impressive 2.15 billion SHIB tokens. In the past 24 hours alone, 386.5 million tokens were destroyed.
How the Combustion Mechanism Affects SHIB Price
Token burning is a mechanism that intentionally reduces the supply of a cryptocurrency with the goal of increasing scarcity, which in turn puts upward pressure on the asset’s price. For Shiba Inu, which has a large circulating supply to begin with, continued and large-scale destruction is critical to its long-term valuation prospects. The total supply of Shiba Inu is 1 quadrillion tokens, but SHIB is still working to burn it Circulation has been reduced by nearly half.
The latest Shiba Inu burn data highlights the community’s dedication to this strategy, with over 2 billion tokens withdrawn from circulation in one week. As of this writing, the total circulating supply of Meme coins is 589.26 trillion SHIB tokens.
The goal is always to destroy the majority of SHIB tokens created. According to Shiba Inu lead developer Shytoshi Kusama, this Ambitious goals are achievable. However, he did note that 99% of the total SHIB tokens created were destroyed It is also difficult for some reasons.
Furthermore, he noted that burns aren’t the only way SHIB can win. There is a need to provide memecoin utility and ensure that it spreads virally to a point where people no longer want to burn coins.
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At the time of writing, the Shiba Inu price is $0.00003059, up around 13% in the past 24 hours. Notably, Shiba Inu hit an intraday high of $0.00003146, very close to a new price high set in 2024.
Featured images from Pexels, charts from TradingView
