Shiba Inu Coin Burns Over 58 Million Tokens As Weekly Price Increases

The Shiba Inu (SHIB) community has made headlines this week as it successfully burned over 58 million tokens from circulation, contributing to a 6% increase in the coin's value despite a subsequent drop. This strategic move by the community aims to reduce the supply of SHIB coins, creating scarcity and driving up the price. The weekly burn rate decreased by 20.77% compared to the previous week, while the daily burn rate experienced a sharp drop of 95.02%, with less than a million coins being transferred to unspendable wallets. However, the significant burn rate reported this week indicates a continued effort by the community to increase the value of SHIB.



On Friday alone, the SHIB burn rate increased by 2,005%, resulting in the permanent removal of 14,279,657 SHIB from circulation. The largest burn transfer on that day was 13,000,911 SHIB. Since 2021, a staggering total of 410,744,432,366,375 SHIB meme coins have been burned, i.e., transferred to unspendable wallets. This represents approximately 41% of its initial supply. The burn rate recently dropped by 98.49%, with only 455,123 SHIB burned in the last 24 hours, contrasting with the previous day's surge of over 30 million SHIB burned.

Shiba Inu's price experienced a decline of 6.79% in the last 24 hours, falling to $0.00002061 at the time of writing. This highlights the volatility in the meme coin market as investors evaluate their positions. Shiba Inu's current total supply stands at 589,256,859,225,123 SHIB, with 584,233,474,369,394 circulating supply. Approximately 410,743,140,774,876 tokens have been burned since its inception.

The Shiba Inu community's focus on reducing the token supply through burns is a strategic move to increase the value of the remaining coins. This tactic is often used by cryptocurrency communities to create scarcity and drive up the price of the coin. The significant burn rate reported this week, despite a decrease compared to the previous week, indicates a continued effort by the community to increase the value of SHIB. The increase in the coin's value over the week, despite a subsequent drop, suggests that this strategy may be working.

Investors should monitor developments in Shibarium, burn rate trends, and market conditions to make informed decisions. As the market evolves, Shiba Inu's success will depend on its ability to balance ecosystem growth with increased utility and significant token burns.