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.
