Shiba Inu, one of the most famous meme coins in the crypto community, has once again attracted the attention of investors. In May, the coin's value skyrocketed by 4000%, raising optimistic expectations for its continued growth towards a price of $0.001 per SHIB.
Despite the downward trend in price over the past month, #SHIB has shown resilience to the bear market. The coin has undergone several updates that have improved its cryptographic capabilities and set it up for future growth.
In recent days, there has been a significant increase in the SHIB coin's burn rate, leading to increased optimism among investors. According to the Shibburn burn tracker, the burn ratio has increased by 4085.94% in the last 24 hours. As a result, more than 182 million SHIB tokens were burned, marking a milestone in SHIB's deflationary strategy.
The SHIB #token burning process aims to reduce the total supply of coins in circulation, which could ultimately lead to an increase in their value. As of today, the total number of SHIB tokens burned is 410,726,404,777,297, while there are about 589,273,595,222,702 tokens remaining in circulation.
The drop in the market value of #Shiba Inu in the past is attributed to the high supply of coins in the market. However, the Shiba Inu community is actively working to reduce this supply through the token burn mechanism.
The increase in the burn rate has led to optimism about the future price movement of Shiba Inu. A reduction in the supply of SHIB tokens could lead to an increase in demand and, consequently, an increase in the token price in accordance with the fundamental economic principles of supply and demand.
The increase in SHIB coin burn is indicative of positive trading dynamics, as evidenced by recent developments in the project. Shitoshi Kusama, the founder and leader of the development team, plans to introduce innovative utilities aimed at increasing demand for the token and achieving the project's long-term goals.
Read us at: Compass Investments
