SHIBA INU REDUCING IT'S SUPPLY THROUGH $SHIB BURNING.
Yes, the Shiba Inu ($SHIB) cryptocurrency can reduce its supply through a process called token burning:
How it works
1-The Shiba Inu development team periodically sends a portion of the SHIB tokens to a burn address, permanently removing them from circulation. The burn address is publicly visible on the Ethereum blockchain, and the tokens cannot be accessed or used by anyone.
2-Why it's important
Token burning reduces the supply of a cryptocurrency, which increases scarcity and can put upward pressure on the price of the asset. This strategy is critical to the long-term valuation of $SHIB .
3-How it's implemented
Every transaction on Shibarium also burns a small amount of SHIB, which ensures a steady reduction in supply over time.
4-Impact on SHIB
As of December 12, 2024, 410.74 trillion #SHIB tokens have been burned, reducing the circulating supply to 589.25 trillion. The burn rate has skyrocketed in recent days, which has fueled hopes of a massive price rally.
However, maintaining a high burn rate requires continuous network activity and adoption. Market sentiment and macroeconomic factors can also significantly impact the price trajectory of SHIB.