Yeliz Akmaca 
The Shiba Inu (SHIB) community has burned a total of 284 million SHIB tokens in the past 24 hours.This major move aims to reduce the token supply and push the price higher. However, SHIB, which has decreased by 36.8% since the beginning of the year, is forcing investors to remain cautious.
Shiba Inu’s burn rate has significantly reduced the supply.
- 284 million SHIB tokens have been eliminated.
- SHIB price hasn’t shown much change in the short term.
- Long-term market sentiment remains positive.
- Investors are expecting a price increase in the future.
Shiba Inu’s Token Burn Rate Soars
Shiba Inu’s token burn rate has increased by 7,240% in the last 24 hours. A large portion of the burns was carried out by an unknown wallet. This wallet sent about 1 billion SHIB tokens directly to a dead wallet. During the same process, other wallets also contributed to the burn, sending 100 million more tokens. SHIB’s price is currently trading around the $0.000013 price level.
READ: Circle Has Rejected Ripple’s $5 Billion Purchase Offer!
Shiba Inu Supply is Decreasing, Eyes Are on the Price
Shiba Inu’s total supply has dropped from 999 trillion in 2020 to below 589 trillion today. In other words, 41% of the total supply has been burned. This reduction increases the scarcity of SHIB in circulation. However, despite these developments, the price has not significantly increased. SHIB has decreased by 8.3% in the past week and fell to the $0.0000186 level. SHIB’s supply, which was at 999 trillion in 2020, is now at 589 trillion. As more projects and developers integrate Shiba Inu into their platforms, the ecosystem’s value and stability are expected to strengthen over time.
In the Shiba Inu ecosystem, it’s not only individual wallets that are contributing to the burn, but projects are also supporting the process. Projects like SquidGrow are directly burning SHIB tokens, expanding the burn process. The development team is also implementing Shibarium, a layer-2 solution that makes the network faster and cheaper. This infrastructure contributes more burns with each transaction. However, according to the data, only 584.41 tokens remain in circulation.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.