On December 23, the SHIB team destroyed Shiba Inu tokens that had a value of over one hundred thousand dollars.
So far, the SHIB team has burned a total of 33.6 billion Shiba Inu tokens, which has effectively reduced the amount of tokens that are currently in circulation.
As a result of the SHIB price being over $0.00001050, Shiba Inu holders have seen monthly gains of 32.5%.
An aggregate of 33.6 billion SHIB tokens have been destroyed by the Shiba Inu team. As a result of this action, the selling pressure on the meme currency has decreased, which has led to a decrease in the supply that is around. SHIB price improvements are supported by on-chain measures, which also provide credence to a positive stance for the asset.
The bullish thesis for meme coin is supported by the SHIB burn.
Shiba Inu token burn is one of the catalysts that encourages SHIB gains by limiting the amount of the asset that is circulating that is available for purchase. In addition to Binance's participation in the SHIB burn, other entities, like as the Shiba Inu team, have also set fire to the tokens, which has had a comparable effect on the price of the meme currency.
Since the beginning of the project, the Shiba Inu team has destroyed a total of 33.6 billion SHIB tokens. A marketing professional for Shibarium who goes by the name LucieSHIB and is prominent on X shared the fourth burn statistics with the community.

During the month of December, a total of 25.7 billion SHIB tokens were destroyed, according to the data that was obtained from the Shibburn tracker. Although meme currencies in other ecosystems experienced a surge in value, the price of Shiba Inu generated monthly gains of 35% for holders.
Based on the indicators that are available on the blockchain, the Shiba-Inu-themed meme coin is on the right road to start its comeback. On December 24th, the supply of SHIB on exchanges drastically decreased to 7.82%. The amount of selling pressure exerted on the asset across all exchange platforms has significantly decreased as a result of this. Due to the optimistic signal that was generated by on-chain measures, it is highly probable that the price of SHIB will continue to maintain its current gains and start a rebound.

#SHIB💥 #shibaburn #Shibaprice $SHIB

The Shiba Insu Project and Its Native Token SHIB
The Shiba Inu (SHIB) project is a community-driven cryptocurrency ecosystem inspired by the popular Shiba Inu dog meme. Launched in August 2020, it rode the wave of Dogecoin’s meme-coin success and quickly amassed a large and active community.
The SHIB token is the main token of the Shiba Inu ecosystem and serves as the currency for its decentralized finance (DeFi) platform, ShibaSwap. You can use SHIB for:
Swapping: Exchange SHIB for other cryptocurrencies on ShibaSwap.Staking: Earn passive rewards by locking your SHIB in various liquidity pools.Providing liquidity: Contribute to ShibaSwap’s liquidity pools and earn fees from trades.Purchasing goods and services: Some merchants now accept SHIB as payment.
The SHIB Token Burn Mechanism
Shiba Inu has a token burn mechanism to reduce the total supply of SHIB and theoretically increase its value.
Here are some ways SHIB is burned:
ShibaSwap transactions: A small portion of the fees generated on ShibaSwap are burned.Community burns: The Shiba Inu community regularly organizes burn events where they collectively send SHIB to dead wallets, removing them from circulation.Collaborations: Certain partnerships and projects might involve dedicated SHIB burns.
The primary purpose of SHIB burning is to decrease the overall supply, thus theoretically making the remaining SHIB tokens more scarce and potentially increasing their value. However, the effectiveness of this approach depends on various factors, including the pace of burning, the total supply, and overall market conditions.
It’s important to remember that burning tokens carries inherent risks:
Reduced liquidity: Burning could reduce the liquidity of the token, making it harder to buy and sell.Market manipulation: Large burn events could be seen as market manipulation and negatively impact the token’s price.Uncertain outcome: The success of burn mechanisms in increasing token value is not guaranteed.
Tracking SHIB Token Burns
Shibburn is a popular SHIB burn tracking tool with a website and Twitter presence (shibburn) that provides comprehensive information about the Shiba Inu token-burning process.
Shibburn’s Functions:
Tracks all SHIB burns: It monitors and accumulates data on all SHIB tokens burned from various sources, including ShibaSwap transactions, community burn events, and collaborations.Provides detailed statistics: Shibburn displays the total amount of SHIB burned, burn rate, average burn size, top burning sources, and historical burned token data.Visualizations and analysis: The website offers charts and graphs to visually represent burn trends and analyze their potential impact on the SHIB price.Transparency and community engagement: Shibburn promotes transparency by sharing burn transactions and sources along with regular updates on Twitter, fostering community engagement and discussions around token burning.
Overall, Shibburn is a valuable resource for anyone interested in the Shiba Inu project and the impact of token burning on SHIB’s circulating supply and potential price behavior.
The Most Recent SHIB Token Burn Stats
According to the latest update by Shibburn, the past 24 hours have witnessed an exceptional surge in Shiba Inu burn activity, with a staggering 8.6 billion SHIB tokens sent for permanent deletion. This represents a remarkable 160,598% increase from the previous day’s burn rate.
Burn Breakdown:
Total Burned (Past 24 hours): 8,617,471,779 SHIBBurn Rate Increase (24 hours): 160,598.18%Previous 24-hour Burn: ~53,000 SHIB
These figures reveal a dramatic shift in burn activity, showcasing the community’s concerted efforts to reduce the overall supply of SHIB. This strategy aligns with the long-held objective of achieving scarcity, which is often considered crucial for driving long-term token value.
HOURLY SHIB UPDATE$SHIB Price: $0.00001052 (1hr -0.34% ▼ | 24hr 3.55% ▲ )
Market Cap: $6,218,140,254 (3.82% ▲)
Total Supply: 589,319,479,746,918

TOKENS BURNT
Past hour: 275,256 (1 transaction)
Past 24Hrs: 8,617,471,779 (160598.18% ▲)
Past 7 Days: 8,646,904,065 (1.24% ▲)— Shibburn (@shibburn) December 17, 2023
At the time of writing, SHIB is trading at around $0.0000105, up 3.23% in the past 24-hour period.

#shib #shibaburn $SHIB

The Ethereum-based meme coin Shiba Inu (SHIB), also known as "Dogecoin Killer," has seen a significant spike in the pace at which its tokens are being burned over the past twenty-four hours. This is occurring in the midst of the continuing market surge.
The rate of burn for Shiba Inus has seen a significant increase.
There has been a rise of more than 800% in the Shiba Inu burn rate over the course of the last twenty-four hours. According to information provided by Shibburn, roughly 10,370,764 SHIB tokens have been burned throughout the course of the previous day, which represents an increase of around 805.83%.
In addition, the rise in burn rate was brought about by a big transaction that led to the destruction of more than ten million SHIB tokens. It was discovered that the SHIB burn wallet received a total of 10,240,655 tokens from the address 0xa9d1e08c7793af6...7fb81d3e43 during the course of the transaction.
During the past several months, the Shiba Inu burn rate has been seeing significant increases. Following these jumps in burn rate, investors in cryptocurrencies and members of the community have shown an increased level of interest.
On Monday, the burn rate of the project underwent a staggering increase of 7,686,774%, which resulted in the complete destruction of almost 8.35 billion SHIB tokens. Since the beginning of the project, this represents the greatest burn rate that has ever been witnessed in the project.
The information obtained from the burn tracker showed that the wallet address "0xc7d0455" was responsible for more than ninety percent of the tokens that were burned. After further investigation, it was discovered that the address of the wallet was "Shiba-swap.eth," which is also referred to as the "Shiba Inu: Deployer 2" address.
Recent increases in the SHIB burn rate can be attributed to a number of different variables, as can be seen in the following sentence. There is a possibility that the large surge in activity on the Shibarium network is one of the contributing elements.
The number of transactions that take place on the network appears to have also grown in recent times, which may have contributed to the rise in the burn rate. The reason for this is that when the network is being utilized to a significant degree, it might result in a greater number of tokens being burned.
Related Reading: Shibarium Transactions Have Increased by 47,000%; Will the Price of Shiba Inu Follow in Their Footsteps?
As of right now, the daily transactions that take place on the network have reached an astounding 7.51 million. On the other hand, as of the time this article was written, the total number of transactions that it has completed has recently surpassed the 50 million mark.
Shibarium burns can be treated with new burn techniques.
Earlier this week, Shiba Inu improved the SHIB value by introducing new burning procedures for Shibarium. These skills were made available to the public. In order to emphasize the significance of the new mechanism for the economic model of the network, the team referred to it as a "transformative" technique.
It is anticipated that the mechanism will be divided into two distinct phases, which will be referred to as the Manual phase and the Automated Transition phase. The official deployer wallet will be in charge of monitoring the token burn while the manual phase is in progress.
This phase, on the other hand, will eventually transition to an automated system, which will ultimately lead to the Automated Transition phase happening. It has been determined by the team that the beginning of this automated phase will occur in January of 2024.
To this point, more than 410.67 trillion SHIB tokens have been burnt out of the entire number of tokens that were first introduced into circulation. At this very moment, the burn tracker has determined that there are about 580.72 trillion SHIB tokens in circulation over the whole spectrum.
#shibaburn #ShibaInuPriceForecast