Weekly Shiba Inu Burn Hits Record Levels
Shiba Inu, the popular meme coin, has experienced an extraordinary 7,418% increase in its token burn rate over the past week, with over 2 billion SHIB burned. This significant reduction in circulating supply has sparked optimism among investors, especially as SHIB's price trades at yearly highs.
The Shibburn platform, which tracks SHIB token burns, announced on social media platform X that approximately 1.937 billion SHIB tokens were burned in the week ending November 30. This sharp rise in token burns marks a critical milestone in the ongoing effort to reduce SHIB's massive supply. Following this announcement, the burning momentum has only increased, with over 2.15 billion SHIB tokens burned over seven days, including 386.5 million in the past 24 hours alone.
How Does Burning Impact SHIB's Price?
Token burning is a crucial mechanism that intentionally reduces supply, increasing scarcity and creating upward price pressure. For Shiba Inu, which started with a massive circulating supply, consistent burns are essential for long-term value appreciation.
Shiba Inu was initially issued with a total supply of 1 quadrillion tokens. However, burn initiatives have nearly halved the circulating supply, which now stands at 589.26 trillion SHIB. The community remains committed to this strategy, aiming to reduce supply further.
According to Shiba Inu’s lead developer, Shytoshi Kusama, it is theoretically possible to burn most SHIB tokens. However, he acknowledges that achieving a 99% burn rate is extremely challenging. Kusama also emphasizes that burning alone won't suffice—SHIB needs practical use cases to sustain demand and ensure its lasting appeal.
SHIB's Price Reaches New Yearly Highs
Currently, Shiba Inu’s price stands at $0.00003059, marking a 13% increase in the last 24 hours. The token even reached an intraday high of $0.00003146, coming close to setting a new price record for 2024.
With strong burn momentum and rising prices, Shiba Inu demonstrates significant potential. However, maintaining long-term growth and utility will be key to sustaining its success.
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