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🔥 Shiba Inu Burns Spike 7,418% In 1 Week – Can SHIB Price Continue Pushing To New Highs?
Shiba Inu, the popular meme coin, has witnessed an extraordinary surge in its burn rate, with a staggering 7,418% increase and over 2 billion SHIB tokens burned over the past week. This significant reduction in circulating supply has ignited optimism among investors, especially with the Shiba Inu price currently trading at yearly highs.
🔸 Shiba Inu Weekly Burn Reaches New Highs
Shibburn, the official platform tracking SHIB token burns, revealed on social media platform X a 7,418% spike in SHIB’s weekly burn rate during the week leading up to November 30. This sharp rise resulted in the removal of approximately 1.937 billion SHIB tokens from circulation, a significant milestone in the ongoing effort to reduce the token’s massive supply.
Following this X post by Shibburn, the momentum of SHIB burns has only increased alongside the Shiba Inu price. At the time of writing, the total number of SHIB tokens burned over the past seven days has exceeded 2 billion, reaching an impressive 2.15 billion SHIB tokens. From this, 386.5 million of these tokens were burned within the last 24 hours alone.
🔸 How Burn Mechanics Impact SHIB Price
Token burns are a mechanism by which cryptocurrency supply is deliberately reduced, aiming to increase scarcity and, in turn, create upward pressure on the asset’s price. For Shiba Inu, which started with an enormous circulating supply, consistent and sizable burns are critical to its long-term valuation prospects. Shiba Inu was created with a total supply of 1 quadrillion tokens, but SHIB burn endeavors have reduced the circulation by almost half.
The latest Shiba Inu burn figures underscore the community’s dedication to this strategy, with over 2 billion tokens removed from circulation within a single week. At the time of writing, the total circulating supply of the meme coin is 589.26 trillion SHIB tokens.
#SHIBA #SHIBAINU
Shiba Inu, the popular meme coin, has witnessed an extraordinary surge in its burn rate, with a staggering 7,418% increase and over 2 billion SHIB tokens burned over the past week. This significant reduction in circulating supply has ignited optimism among investors, especially with the Shiba Inu price currently trading at yearly highs.
🔸 Shiba Inu Weekly Burn Reaches New Highs
Shibburn, the official platform tracking SHIB token burns, revealed on social media platform X a 7,418% spike in SHIB’s weekly burn rate during the week leading up to November 30. This sharp rise resulted in the removal of approximately 1.937 billion SHIB tokens from circulation, a significant milestone in the ongoing effort to reduce the token’s massive supply.
Following this X post by Shibburn, the momentum of SHIB burns has only increased alongside the Shiba Inu price. At the time of writing, the total number of SHIB tokens burned over the past seven days has exceeded 2 billion, reaching an impressive 2.15 billion SHIB tokens. From this, 386.5 million of these tokens were burned within the last 24 hours alone.
🔸 How Burn Mechanics Impact SHIB Price
Token burns are a mechanism by which cryptocurrency supply is deliberately reduced, aiming to increase scarcity and, in turn, create upward pressure on the asset’s price. For Shiba Inu, which started with an enormous circulating supply, consistent and sizable burns are critical to its long-term valuation prospects. Shiba Inu was created with a total supply of 1 quadrillion tokens, but SHIB burn endeavors have reduced the circulation by almost half.
The latest Shiba Inu burn figures underscore the community’s dedication to this strategy, with over 2 billion tokens removed from circulation within a single week. At the time of writing, the total circulating supply of the meme coin is 589.26 trillion SHIB tokens.
#SHIBA #SHIBAINU
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