Shiba Inu (SHIB), the well-known dog-themed joke coin, has burned a lot more tokens as part of its internal deflationary plan. In just 24 hours, the burn rate has increased by a staggering 4,411.52%, burning millions of SHIB coins.
Shibburn, a site that keeps track of SHIB burns, says that a total of 1,110,602 tokens were sent to “dead wallets,” which means they are no longer being used. The huge number of tokens that have been burned has reached 114,618,006 in the past week, up 418.9% from the week before.
Shiba Inu’s Price Increase
The burn process is Shiba Inu’s primary method of controlling its supply. The goal is to keep prices stable, and maybe even cause prices to go back up. According to the most recent data from CoinMarketCap, this aggressive burn has happened at the same time that SHIB’s price has gone up by 0.24%, taking it to $0.00001411.
SHIB’s price is still below the $0.00001427 level it traded at last Friday, even with this small upward trend. Investors who were worried about the recent price drops have found some comfort in the burn’s effect.
The goal of SHIB’s burn process has always been to slowly reduce the number of tokens available, with the hope of making the coin more valuable. Some beneficial things have happened since the recent increase in the burn rate, but the changes have not been huge.
According to market analysts, the SHIB group may need to look into other options to keep prices stable. Since its big drop in June, SHIB has had a difficult time getting back on its feet. There are still signs on the chain that point to a downward trend.
People are worried about SHIB’s short-term chances because of the steady pressure to go down. It hasn’t been able to get close to $0.000015.In a market that is always changing, the recent rise in prices shows how hard it is to keep supply and demand in check.
This is something that the SHIB community will continue to deal with. Even though it’s not clear how stable these efforts will be in the long run, Shiba Inu’s burn plan is still one of its most important tools.
