Shiba Inu (SHIB), the second-largest meme token, continues its burn campaign despite challenges from competitors like Dogecoin (DOGE).
Recent reports indicate a remarkable 3,400% increase in the SHIB burn rate, removing approximately 52 million tokens from circulation out of the total supply of about 589 trillion tokens. This brings the total number of burned SHIB tokens to around 410.7 trillion, as reported by Shibburn, a platform tracking SHIB burn statistics.
Potential Price Surge for Shiba Inu (SHIB) Amid Supply Reduction
As is often the case in the cryptocurrency market and economics in general, when the supply of a commodity decreases, scarcity tends to follow, leading to an increase in price.
One of the primary challenges facing Shiba Inu (SHIB) over the years has been its large circulating supply. This abundance of tokens has kept SHIB trading at levels that many crypto enthusiasts consider below expectations, especially considering the initial hype surrounding its launch.
However, with the recent significant increase in the burn rate, as indicated in this insight, there is potential for SHIB to achieve remarkable price levels. If this burn rate continues, it suggests a path for SHIB to increase in value significantly.
The future trajectory of SHIB’s price will depend on how events unfold in the coming days. For now, speculation based on this burn rate suggests optimism for potential price growth.
Shiba Inu (SHIB) Price and Market Data Overview
According to data from Coincodex, the price of Shiba Inu (SHIB) is currently around $0.0000098, marking a 1.15% increase in the last 24 hours. The meme coin boasts a market capitalization of approximately $5.08 billion and a trading volume of roughly $154.4 million.
SHIB’s supply inflation remains relatively high, standing at about 7.33%. However, its volatility is moderate, measured at approximately 3.2%. Despite this, sentiment surrounding Shiba Inu remains bullish, with the “Fear and Greed Index,” which tracks enthusiasts’ attitudes toward various assets, indicating a state of “Greed.”
Shiba Inu Ecosystem Projects: Completion Timeline Revealed
In a recent update, Lucie, the marketing specialist for Shiba Inu, has unveiled the timeline for the completion of ongoing projects within the Shiba Inu ecosystem. This announcement follows a strategic meeting involving Shytoshi Kusama, the lead developer of Shiba Inu.
According to Lucie, the plan is to finalize all current projects by the conclusion of 2024, with a potential extension into 2025 to fulfill a broader vision for the ecosystem.
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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