Shiba Inu, a well-known meme cryptocurrency, experienced a notable price jump in just one day, with its value rising approximately 20% compared to the previous day. Currently, Shiba Inu is priced at $0.00002767 and boasts a market capitalization of $16.29 billion following this surge. The primary reason for this price increase can be attributed to the recent SHIB Burn event, which substantially decreased the token’s total supply.
The Shiba Inu token’s destruction in the burn will ultimately result in heightened interest and requests for the token. This concept was demonstrated through a previous Shiba Inu token burn, where the trading activity jumped by over 116% within a day, causing the value to soar to $1.18 billion.
What Is Meant By Shiba Inu Burn?
The SHIB Burn discussion proposes setting ablaze a portion of the existing SHIB tokens to boost token value by reducing the overall supply. Given the vast quantity of SHIB tokens, it’s essential for developers to frequently carry out this token-burning procedure.
Burning Shiba Inu, or any other cryptocurrency, doesn’t mean setting tokens on fire in reality. Instead, it refers to transferring SHIB tokens to an unreachable address or “dead wallet.” Once sent, the tokens can no longer be recovered as their private keys have been lost.
It’s worth noting that the Shiba Inu whitepaper failed to mention the SHIB burn mechanism, which was subsequently implemented as a collaborative initiative between the token holders and developers to foster growth within the network.
Talking of which, the first-ever SHIB burn happened in June 2021, and Vitalik Buterin was gifted 50% of the total SHIB supply.
Highlights Of April Shiba Inu Burn
Over the past 24 hours, the Shiba Inu token burn rate has seen a significant increase of 172%, leading to a price rise for SHIB tokens. Specifically, a total of 392,376,654 tokens have been burned in only 18 transactions. Over the last seven days, this number adds up to a grand total of 449,360,571 SHIB tokens that have been removed from circulation through burning.
Over the last day, a grand total of 392,376,654 Shiba Inu tokens have been destroyed through 18 separate transactions. For updated information on the current token burn count, circulating supply, and additional statistics, please refer to their website.
— Shibburn (@shibburn) April 21, 2024
The new total supply of Shiba Inu coins is now approximately 589 trillion SHIB as a result of the recent effort to decrease its availability and spark interest. This “SHIB Burn” event, which has been ongoing for several days, saw the maximum number of tokens being destroyed on April 14th, with the elimination of around 650 million SHIB tokens from circulation.
The SHIB coin burn is a notable occurrence for this cryptocurrency. Unlike other digital currencies, SHIB’s supply doesn’t decrease through mining or staking. By February 2024, over 41% of the SHiba Inu tokens had been burned already, and the ongoing burn has further increased this proportion.
Conclusion
Due to being a meme coin with a massive total supply, Shiba Inu is required to undergo this process. Shiba Inu began with an original supply of 1 quadrillion SHIB, which has since been reduced to approximately 589.53 trillion tokens. This decrease did not occur overnight but rather over the course of several years through a process called burning. Over the past three years, the Shiba Inu Burn initiative has eliminated over 410 trillion tokens with the ultimate goal of reaching a value of $1 per token.
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2024-04-21 10:42