Shiba Inu (SHIB) has seen a remarkable increase in its burn rate. The most recent figures from Shibburn show that during 24 hours, SHIB’s burn rate has surged by 529.72%. This notable rise has caused around 37.53 million SHIB tokens to be burned during this time.
The Shiba Inu community has welcomed this development since the constant burning of tokens lowers the total supply, thereby maybe raising the value of the surviving tokens. According to the most recent data, the original circulation supply had burned around 410.7 trillion SHIB tokens. This leaves a present supply of over 553.3 trillion tokens.
Shiba Inu Token Burning
Token burning is considered as a positive sign for the direction of SHIB. The token turns more deflationary by lowering the circulating supply. With a limited quantity of just 21 million coins, Bitcoin (BTC) is a classic deflationary cryptocurrency. The value increase of Bitcoin over time can be mostly attributed to this limited supply.
Though Shiba Inu’s supply is much more than Bitcoin’s, the continuous burn approach could also cause favorable price dynamics. Although it might not have the same deflationary effect as Bitcoin, the decrease in supply resulting from regular token burns can still cause scarcity, which would be advantageous for SHIB’s price over time.
Along with the general market decline, SHIB’s present price suffers even with the expected burn rate increase. Shiba Inu is trading at $0.00001776 according to CoinMarketCap, a 4.83% drop in the previous 24 hours. With its market capitalization dropped by 4.82%, the meme coin now boasts $10.47 billion.
The latest burn increase has had little effect on SHIB’s price right away. The Shiba Inu people are still hopeful, nonetheless, that constant burning will finally increase the value of the coin. A larger plan aiming at improving SHIB’s appeal as a deflationary asset in the cryptocurrency market includes burning 37.53 million tokens.
