In a move that sent shockwaves through the meme coin community, Shiba Inu (SHIB) has witnessed a staggering increase in its burn rate, resulting in the destruction of over 87 million tokens in the last 24 hours. This unprecedented surge, clocking in at a whopping 48,654.03% increase, is part of the project’s ongoing effort to reduce its colossal maximum supply and potentially drive up the token’s value in the long run.
SHIB Burn Rate Last 24hrs (SHIBBURN)
The Shiba Inu ecosystem, born from the same meme culture that propelled Dogecoin to fame, initially had a total supply of approximately 999T SHIB tokens. However, the team behind the project recognized the importance of scarcity in maintaining and increasing the token’s perceived value. As a result, they implemented a burning mechanism, which involves permanently removing a portion of the circulating supply from existence.
.@SHIBburns rate surges to unbelievable 48,554% with tons of #ShibaInu scorched. $SHIB #ShytoshiKusama https://t.co/gewE0wIPrq
— U.Today (@Utoday_en) April 11, 2024
According to the latest data, the Shiba Inu supply has been reduced to 582,749,589,190,108 tokens, with over 410T tokens already burned from the initial supply. This leaves a maximum total supply of 589.3T SHIB tokens, a figure that continues to shrink with each burn event.
The burn rate, which measures the rate at which tokens are being removed from circulation, has been a closely watched metric by the Shiba Inu community. The recent spike in the burn rate has been celebrated as a significant milestone, as it demonstrates the project’s commitment to reducing the supply and potentially boosting the token’s value in the long run.
While the burning process is ongoing, it’s worth noting that a substantial portion of the remaining supply is currently being staked. According to the latest figures, 6.5T SHIB tokens are staked, a process that involves locking up tokens in exchange for rewards and helping to secure the network.
The Shiba Inu ecosystem has grown beyond just the SHIB token with the introduction of other tokens such as LEASH and BONE. However, SHIB remains the flagship token and the primary focus of the burning efforts. As the community continues to support these efforts, the token’s scarcity is expected to increase, potentially setting the stage for further price appreciation.
If @ShibariumNet takes off during this crypto bull market, we will see $SHIB $BONE $LEASH $TREAT $KNINE $BAD set new highs….
I also heard that $SHIB will be back as a title sponsor this year at ETHEREUM Toronto. That is DOPE!@Shibtoken @ShytoshiKusama @marciejastrow pic.twitter.com/YEyB4iPFgR
— Zach Humphries (@Z_Humphries) April 10, 2024
SHIB Price Analysis
From a technical perspective, the Shiba Inu (SHIB) price chart exhibits a bullish pennant formation characterized by a contraction in volatility. Pennants are known for trend continuation, suggesting that the overall sentiment for the meme coin remains bullish. Currently, SHIB trades at the support and projects a high likelihood of a bullish reversal.
#SHIBA break out from the bullish pennant will lead to new local highs.#SHIBARMY #SHIB #Altcoinseason2024 pic.twitter.com/3IpU3ezuZW
— Top Altcoins (@TopAltcoins_net) April 9, 2024
At the time of writing, Shiba Inu (SHIB) is trading at $0.00002767, reflecting a 24-hour gain of 0.47% and a 7-day increase of 3.01%. The meme coin’s market capitalization stands at $16.3 billion, securing its position as the 12th largest cryptocurrency by market cap. With a 24-hour trading volume of 6.20%, the token continues to attract significant interest from investors.
