Shiba Inu token burns tracker Shibburn data has noted that the SHIB asset has seen its burn rate rise by 434.65% in the last day. This surge has implications for the supply and potential value of SHIB tokens. Moreover, the market has responded positively, with SHIB’s price facing a notable uptick.
With 13,982,741 SHIB tokens burnt on the last day, this is indicative of the rise in the burn rate. This hike highlights an effort to reduce the supply in circulation, which now stands at 6.2 SHIB. The total burnt from the initial supply has reached 410,726,437,823,094 SHIB, lowering the maximum total supply to 589,273,562,176,905 SHIB.
The initial supply of SHIB was 999,982,358,071,560 tokens. This extensive burning process aims to create scarcity, potentially increasing the value of the remaining tokens. The current total supply is 583,068,062,472,281 SHIB, highlighting the ongoing efforts to manage and reduce the overall supply effectively.
SHIB has seen positive price movement. Valued at $0.000002599, it has risen 2.49% in the last day. The market cap has also grown by 2.91%, reaching $15,411,814,949. This upward trend is supported by a substantial daily trading volume of $1,062,945,227, indicating strong market interest and liquidity.
Javon Marks, a top analyst, highlighted the bullish patterns emerging in SHIB’s market movements. He noted that SHIB has broken out of a smaller bull flag pattern, which could trigger an upward trend. Javon Marks predicts a potential 210% run to the $0.000081 target, suggesting further gains if the breakout continues.
The latest burn transactions show a steady effort to reduce SHIB’s supply. Significant recent burn transactions include 1,000,000 SHIB, 43,205 SHIB, and 20,089 SHIB, among other amounts. These activities demonstrate a continuous effort to decrease the circulating supply of tokens, which may potentially increase their value.
The substantial increase in SHIB’s burn rate signifies a strong commitment to reducing the circulating supply. This scarcity effect can drive up the token’s value if demand remains steady or increases. The recent price increase and market cap growth reflect bullish investor sentiment, likely fueled by the significant burn activity and positive market indicators.
Additionally, the high trading volume underscores robust market interest and liquidity, which are crucial for both short-term trading and long-term investment. JavonMarks’ predictions further bolster optimism, suggesting that SHIB could see price gains if current trends continue.
