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Shiba Inu, a popular meme coin, has witnessed an unusual spike in burn rate, with a staggering 7,418% increase and over 2 billion SHIB tokens burned in the past week. This significant reduction in circulating supply has sparked optimism among investors, especially as Shiba Inu prices are currently trading at yearly highs.
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Shiba Inu's weekly burn rate hits record high
Shibburn, the official platform that tracks SHIB token burn rates, revealed on social media platform This rapid increase resulted in approximately 1.937 billion SHIB tokens being removed from circulation. This is an important milestone in our ongoing efforts to reduce the bulk supply of tokens.
After this X post by Shibaan, his momentum continues to grow along with Shiba Inu prices. As of this writing, the total number of SHIB tokens burned in the past seven days is over 2 billion, reaching a whopping 2.15 billion SHIB tokens. This means that 386.5 million of these tokens were burned in the last 24 hours alone.
Impact of combustion mechanism on SHIB price
Token burn is a mechanism that intentionally reduces the supply of a cryptocurrency with the aim of increasing scarcity and, as a result, creating upward pressure on the asset price. For the Shiba Inu, which started with a large supply, sustained and extensive burns are essential for long-term evaluation prospects. Shiba Inu was created with a total supply of 1,000 trillion tokens, but due to the SHIB Burn initiative, the amount in circulation has been reduced by almost half.
The latest Shiba Inu burn statistics highlight the community's dedication to this strategy, with over 2 billion tokens removed from circulation in less than a week. As of this writing, the total circulating supply of meme coins is 589.26 trillion SHIB tokens.
SHIB's market capitalization is currently $18.2 billion. Chart: TradingView
The objective has always been to burn the majority of the SHIB tokens created. According to Shiba Inu lead developer Shatoshi Kusama, this ambitious goal is achievable. However, we noted that burning 99% of the total SHIB tokens created is also difficult for several reasons.
He also pointed out that getting burned is not the only way for SHIB to win. We need to provide utility to meme coins and ensure that they reach a level through viral distribution where people don't want to burn their tokens.
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At the time of writing, the Shiba Inu price is trading at $0.00003059, an increase of approximately 13% in the past 24 hours. In particular, the Shiba Inu reached an intraday high of $0.00003146, bringing it very close to setting a new high in 2024.
Featured images from Pexels, charts from TradingView
