🚀 Shiba Inu Coin price aims for a 76% increase due to the burning of 6.8m tokens
The price of Shiba Inu coin has performed poorly in the past few days compared to other popular meme coins. On Monday, the trading price of Shiba Inu was $0.000026, remaining stagnant since November 10, with investors expecting more upward potential as the burning rate picks up.
🔸 The price of Shiba Inu Coin could rise by 76% due to the burning of 6.8m Shibas.
A potential catalyst for the price of Shiba Inu is the continuous decrease in the number of coins in circulation, thanks to strong token burns. Data from Shiburn shows that the amount of these burns increased by 40% in the past 24 hours, reaching 4.85 million.
As a result, the number of Shiba Inu coins has decreased from an initial 999 trillion to 410 trillion, and this number will continue to decline in the future. Token burning refers to moving Shiba coins to an inaccessible wallet, either voluntarily or through ecosystem fees, to permanently remove them from the circulating supply.
These token burns create value for existing tokens by reducing the number of tokens in circulation. It is often likened to a company buying back its shares, thereby increasing earnings per share.
Some top players in this ecosystem include ShibaSwap and Shibarium. ShibaSwap is a decentralized exchange network where people can swap tokens, while Shibarium is a second-layer network that has completed over 500 million transactions. Data on its website shows that the trading volume of ShibaSwap has surged to $75 million this month, the highest level since March.
The price of Shiba Inu coin has performed poorly in the past few days compared to other popular meme coins. On Monday, the trading price of Shiba Inu was $0.000026, remaining stagnant since November 10, with investors expecting more upward potential as the burning rate picks up.
🔸 The price of Shiba Inu Coin could rise by 76% due to the burning of 6.8m Shibas.
A potential catalyst for the price of Shiba Inu is the continuous decrease in the number of coins in circulation, thanks to strong token burns. Data from Shiburn shows that the amount of these burns increased by 40% in the past 24 hours, reaching 4.85 million.