As a long-term holder of Shiba Inu, I’m thrilled to see the recent surge in the SHIB burn rate. The initiative to reduce the coin’s massive supply has been ongoing for over a year now, but the pace has been slowing down lately. It’s heartening to see that the community is once again actively participating and sending tokens to the burn address.
Recently, there’s been an unexpected surge in the Shiba Inu token burn rate within the past day. This marks a significant shift from the sluggish progress of the burn initiative observed during the previous week, demonstrating that the SHIB community is once again actively participating in burning more tokens.
Shiba Inu Burn Rate Picks Up
Approximately a year ago, Shiba Inu token holders initiated a plan to decrease the massive supply of their meme coin, which exceeded 500 trillion tokens. This oversupply has obstructed the coin’s growth and made reaching a $1 price nearly impossible. To boost its value, community members started transferring SHIB tokens to a designated burn address.
I’ve noticed a nearly daily occurrence of steady burns since the initiation took effect. At certain points, the burning process even reached billions of tokens. Lately, though, the level of participation has been disappointing, with only modest amounts of Shiba Inu tokens being sent to the burn address each day. Yet, this trend is shifting as dedicated holders increasingly engage in the burn process.
Based on Shiba Inu’s burn monitoring platform, Shibburn, over 40 million SHIB tokens were incinerated within the last 24 hours. This is among the largest daily burn amounts recorded recently. In contrast, the previous day saw a token burn rate that was only 2,076% less than this current figure.
I’ve observed that the burning of tokens took place from a grand total of eight digital wallets in this recent event. The largest single burn amounted to a significant 20 million tokens. Noteworthy mentions also include a substantial burn of 16.86 million and two more burns, each surpassing the 1 million mark. These events have collectively resulted in a weekly burn rate of an impressive 446.9 million tokens.
How Many SHIB Has Been Burned So Far?
Although the Shiba Inu token burn plan has been active for over a year, there are still more tokens in existence than what’s been burned. This number also accounts for the significant burn event instigated by Ethereum creator Vitalik Buterin, who eliminated approximately 40% of the supply that had accumulated in his wallet during 2021.
Among the entire SHIB supply of approximately 1 quintillion (999,982,361,420,479), about 41% or 410,726,050,797,386 tokens have been burned. The remaining circulating supply consists of over half, around 582,878,431,527,615, with 6,395,517,674,998 staked xSHIB included in it.
As an assistant observing this situation, I’d put it this way: The pace of the Shiba Inu token burn has been remarkably sluggish, as evidenced by these statistics. If we aim for any significant change in the supply and potentially drive up the price, increasing the burn rate would be a necessary step.
As I observe the current cryptocurrency market, I notice that at this moment, the SHIB price hovers around $0.000025, marking a 8% decrease within the past day. Consequently, its market capitalization dips to $14.77 billion. Despite this price drop, SHIB manages to keep its place as the 11th-largest cryptocurrency in the crypto realm.
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2024-04-25 23:11