Shiba Inu Burns Spike 7,418% In 1 Week – Can SHIB Price Continue Pushing To New Highs?
2024年12月2日 - 9:00AM
NEWSBTC
Shiba Inu, the popular meme coin, has witnessed an extraordinary
surge in its burn rate, with a staggering 7,418% increase and over
2 billion SHIB tokens burned over the past week. This significant
reduction in circulating supply has ignited optimism among
investors, especially with the Shiba Inu price currently trading at
yearly highs. Related Reading: Is $10 Within Reach For Cardano?
Whale Moves Signal Big Rally Ahead Shiba Inu Weekly Burn Reaches
New Highs Shibburn, the official platform tracking SHIB token
burns, revealed on social media platform X a 7,418% spike in SHIB’s
weekly burn rate during the week leading up to November 30. This
sharp rise resulted in the removal of approximately 1.937 billion
SHIB tokens from circulation, a significant milestone in the
ongoing effort to reduce the token’s massive supply. Following this
X post by Shibburn, the momentum of SHIB burns has only increased
alongside the Shiba Inu price. At the time of writing, the total
number of SHIB tokens burned over the past seven days has exceeded
2 billion, reaching an impressive 2.15 billion SHIB tokens. From
this, 386.5 million of these tokens were burned within the last 24
hours alone. How Burn Mechanics Impact SHIB Price Token burns are a
mechanism by which cryptocurrency supply is deliberately reduced,
aiming to increase scarcity and, in turn, create upward pressure on
the asset’s price. For Shiba Inu, which started with an enormous
circulating supply, consistent and sizable burns are critical to
its long-term valuation prospects. Shiba Inu was created with a
total supply of 1 quadrillion tokens, but SHIB burn endeavors have
reduced the circulation by almost half. The latest Shiba Inu burn
figures underscore the community’s dedication to this strategy,
with over 2 billion tokens removed from circulation within a single
week. At the time of writing, the total circulating supply of the
meme coin is 589.26 trillion SHIB tokens. The aim has always been
to burn a majority of the SHIB tokens created. According to Shiba
Inu lead developer Shytoshi Kusama, this ambitious goal can be
achieved. However, he did note that burning 99% of the total SHIB
tokes created is also hard for a few reasons. Furthermore, he noted
that burns are not the only way SHIB wins. There is the need to
give the memecoin utility and ensure it gets to a point through
viral distribution that people don’t want to burn the token
anymore. Related Reading: As Bitcoin Nears $100,000: “Don’t Be Left
Behind,” Robert Kiyosaki Says At the time of writing, the Shiba Inu
price is trading at $0.00003059, having increased by about 13% in
the past 24 hours. Notably, the Shiba Inu reached an intraday high
of $0.00003146, bringing it very close to setting a new price high
in 2024. Featured image from Pexels, chart from TradingView
SHIBA INU (COIN:SHIBUSD)
過去 株価チャート
から 11 2024 まで 12 2024
SHIBA INU (COIN:SHIBUSD)
過去 株価チャート
から 12 2023 まで 12 2024