Shiba Inu (SHIB) has recently captured significant attention within the meme coin sector, driven by a remarkable increase in its burn rate. Over the past 24 hours, the burn rate of SHIB tokens reportedly surged by an astonishing 3,700%. This event led to the incineration of 53.31 million SHIB tokens, permanently removing them from circulation. The move has been hailed as a symbolic boost for the Shiba Inu ecosystem, emphasizing the community’s commitment to reducing the token’s substantial supply.
Token Burn Mechanism and Its Impact
The token burn process is a strategic approach aimed at addressing Shiba Inu’s massive supply, which many market observers view as a key factor behind the token’s sluggish price movement. By systematically reducing the available supply, the project hopes to align more closely with the basic principles of supply and demand. This latest burn event has fueled optimism among community members, who believe the reduction could positively influence SHIB’s long-term market performance.
Shiba Inu Nears Key Price Level with Potential for VolatilityNotably, the wallet address 0x2e2.. played a significant role in the latest burn activity. This address alone was responsible for burning 28.84 million SHIB tokens within the same 24-hour period, accounting for more than half of the total burn. The cumulative number of SHIB tokens burned has now reached 410.73 trillion, signaling a persistent effort by the community to chip away at the token’s high supply.
Circulating Supply and Recent Price
Following this burn event, Shiba Inu’s circulating supply stands at 583.61 trillion tokens. Despite this substantial reduction, a considerable number of tokens still need to be burned to achieve the project’s long-term objectives. Nevertheless, the immediate impact of the recent burn surge has been reflected in SHIB’s price performance.
As of the latest reports, SHIB’s price has increased by over 2%, hitting $0.00001859 at press time. This price uptick coincides with a significant boost in trading volume, which now exceeds $1.85 billion. Earlier in the week, trading volumes hovered below $300 million, underscoring a sharp rise in market activity and investor interest.
Shiba Inu Climbs in Rankings
Increased trading activity and the resultant positive price change have seen Shiba Inu rise in the cryptocurrency market ranks. It recently passed Avalanche (AVAX) which is more evidence of these increasing activities within the ecosystem.
The community stays very active, watching the token burns and changes in the market actively. Much like most other cryptocurrencies, its placement in the markets also changes as the trading volumes and burn rates increase.
