Shiba Inu (SHIB) is experiencing a significant increase in its token burn rate, with over 81 million tokens recently transferred to inactive wallets. According to information from the Shiba Inu burn tracker Shibburn, the burn rate has surged to a staggering 4,085.94% within the last 24 hours.
This surge in burning tokens indicates a notable uptick in the reduction of SHIB tokens in circulation, potentially impacting its overall supply and market dynamics.
Shiba Inu Burns More Tokens: Intensifying Token Burn
Every Shiba Inu token sent to the burn address contributes to reducing the overall supply of SHIB in circulation. The most recent burning activity has seen the total incinerated tokens reach a staggering 410,726,232,655,518 SHIB, leaving approximately 589,273,767,344,481 SHIB still in circulation.
Despite the significant number of tokens burnt, meeting the expectations of SHIB investors remains a subject of volatility. The recent burning of 81,649,878 SHIB tokens, valued at approximately $2,039, is not substantial enough to drive a significant increase in the token’s price.
Shiba Inu Burn Chart. Source: Shibburn
However, the surge in the Shiba Inu burn rate serves to rejuvenate the optimism within the community. It reinforces the community’s confidence that the launch of the SHIB burn portal will yield anticipated results. With members of the SHIB army voluntarily burning tokens, the stage is set for even more significant deflation once automatic burning mechanisms are activated.
Shiba Inu’s Long-Term Strategy
The ultimate goal of Shiba Inu’s token burn campaign is to reduce the token supply significantly, allowing for price discovery. However, reaching the long-term target price of one cent remains economically challenging given the current rate of token supply.
To address this, the core team led by Shytoshi Kusama is focusing on introducing new utilities that can drive demand for SHIB. One such initiative is the launch of the Shibarium hard fork, which enhances protocol versatility and has the potential to boost adoption.
Despite the ongoing efforts, the price of SHIB saw a modest increase of 0.55% in the past 24 hours, reaching $0.00002498 at the time of writing.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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