#Shiba Inu is one of the most famous meme coins. Its price surged a lot in just one day, rising by 20% compared to yesterday.
After a 19% surge, the trading price of the token reached $0.00002767, with a market value of $16.29 billion.
This big increase happened because of the recent SHIB burn, which greatly reduced the total supply of the coin.
Shiba Inu burns ultimately lead to more demand for the token. The last time Shiba Inu tokens were burned, it increased demand a lot. In just 24 hours, trading volume surged by over 116%, pushing the value to $1.18 billion. But what does it mean to burn Shiba Inu tokens?
SHIB Burn talks about destroying a certain percentage of SHIB tokens to try to increase demand by limiting supply.
However, because the supply of Shiba Inu is so large, SHIB developers should regularly initiate token burning processes.
Shiba Inu or any other cryptocurrency isn't physical money, so burning doesn't mean actual burning. Instead, it's about sending SHIB tokens to burner addresses or dead wallets where the private keys are lost.
As a result, the tokens are lost forever and can't be recovered.
The first SHIB burn happened in June 2021 when Vitalik Buterin received 50% of the total SHIB supply.
In April, the highlight of Shiba Inu burns was the burn rate surging by 172%, leading to a rise in SHIB token prices.
Just in the past 24 hours, Shiba Inu burns removed 392,376,654 SHIB Tokens in 18 transactions. A total of 449,360,571 SHIB Tokens Were burned in the last seven days.
