🚀 Shiba Inu Price Eyes 76% Rally As 6.8m SHIB Tokens Burned
Shiba Inu price has underperformed other popular meme coins in the past few days. SHIB trades at $0.000026 on Monday, where it has been stuck since November 10, as investors anticipate more upside as the burn rate rebounds.
🔸 Shiba Inu Price Likely to Rally 76% As 6.8m SHIB Burnt
One potential catalyst for the SHIB price is that the number of coins in circulation continues to drop, helped by the robust token burn. Data by Shiburn shows that the amount of these burns rose by 40% in the past 24 hours to 4.85 million.
Therefore, the number of Shiba Inu tokens has continued to drop from the original 999 trillion to 410 trillion, a figure that will continue falling in the future. The token burn is when SHIB coins are moved to an inaccessible wallet either voluntarily or from ecosystem fees to be removed from the circulating supply forever.
These token burns help to create value for existing tokens by reducing the number of coins in circulation. It is often compared to when a company executes a share buyback, which in turn increases the earnings per share.
Some of the top players in this ecosystem are ShibaSwap and Shibarium. ShibaSwap is a decentralized DEX network where people swap tokens, while Shibarium is a layer-2 network that has completed over 500 million transactions. Data on its website shows that ShibaSwap’s volume has jumped to $75 million this month, the highest level since March.
Shiba Inu price has underperformed other popular meme coins in the past few days. SHIB trades at $0.000026 on Monday, where it has been stuck since November 10, as investors anticipate more upside as the burn rate rebounds.
🔸 Shiba Inu Price Likely to Rally 76% As 6.8m SHIB Burnt
One potential catalyst for the SHIB price is that the number of coins in circulation continues to drop, helped by the robust token burn. Data by Shiburn shows that the amount of these burns rose by 40% in the past 24 hours to 4.85 million.