Shiba Inu Burn on November 30, 2024 $SHIB

The Shiba Inu network has seen a significant increase in burn rates, with over 301,686,518 SHIB tokens burned in the last 24 hours. This activity represents a 4,677% increase compared to previous daily burn rates. The burn took place across eight major transactions, according to Shibburn data, indicating an increased community commitment to reducing the total supply of the token to support its long-term value.

Event Details and Implications:

What is a burn? Burning refers to the process of removing tokens from circulation by sending them to a non-refundable address, reducing the total supply and increasing the scarcity of the token, which may increase its value in the long run.

Burning Objectives: This initiative seeks to promote sustainability in the Shiba Inu ecosystem, and promotes the possibility of the token becoming deflationary thanks to the burn mechanism.

Coin Performance: Despite this activity, the coin did not see much movement in its price, ranging between $0.000024 and $0.000027, a slight increase of 3.24% over the past 24 hours.

Burn Effect:

This activity reflects the Shiba Inu community’s commitment to reducing the circulating supply, which boosts hopes for an increase in the coin’s market cap. This strategy also aligns with future plans for an automatic burn mechanism across the Shibarium network, which will deduct a fee from each transaction to support the burn.

📍Sources:

DailyCoin.

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