Shiba Inu ramps up burning – 410 trillion tokens are gone
Shiba Inu burns millions of SHIB despite price drop, more than 410 trillion SHIB burned since this memecoin launched.
As of today, the daily token burn rate of Shiba Inu has increased despite the recent drop in SHIB price. In a recent report by tracking platform Shibburn on
Through this latest burning initiative, the Shiba Inu community has successfully taken 6.9 million SHIB tokens out of circulation.
In addition to the recent burn of 6.9 million SHIB, the Shiba Inu community dumped several more tokens over the past week, bringing the total burned to 57.67 million SHIB for the week. However, this represents a 57% decrease from last week's total burns.
Since launching as the leading memecoin project in 2020, the Shiba Inu community has successfully burned over 410 trillion SHIB. This leaves only 582.9 trillion SHIB in circulation out of the one million tokens created.
What does coin burning mean?
Coin burning will help reduce the number of coins on the market. At that time, the daily supply will decrease and if buying demand increases, the price of this token will increase.
In addition, burning coins also shows the commitment of the project development team, helping traders strengthen their confidence in the project they are investing in.
At the time of writing, over 6.28 trillion SHIB remains locked in staking platforms. SHIB is trading at $0.00002408 USD, representing a slight recovery of 0.2% after experiencing a recent 5.84% price drop.