The Latest Token Burn
Shiba Inu, the popular memecoin, has recently witnessed a significant token burn. Over the past 24 hours, more than 100 million SHIB tokens were burned, marking a 1,300% increase compared to the previous day’s burn rate. This burning practice is part of the project’s strategy to reduce the overall supply of SHIB and potentially increase its value over time. Currently, 41% of the initial supply has already been sent to an inaccessible address.
Despite the substantial token burn, SHIB’s price has experienced a decline. In line with the broader cryptocurrency market downturn, SHIB’s price fell by 4% in the last 24 hours and 3% on a weekly basis. However, there is hope for future price support with the launch of Shibarium, a layer-2 solution for Shiba Inu.
Shiba Inu’s October Burn
In October, Shiba Inu saw nearly 1.5 million tokens being destroyed through burning. The record day for token burn was October 28, when more than 250 million SHIB were removed from circulation. The successful execution of the burning program has been considered a bullish element that could potentially trigger a price rally for SHIB.
Another factor that could contribute to future price growth is the advancement of Shibarium, a layer-2 scaling solution for Shiba Inu. Shibarium aims to improve speed and lower transaction costs, positioning Shiba Inu above its competitors in the memecoin space.
Hot Take: Despite Token Burn, SHIB Price Declines
Despite the significant token burn and efforts to reduce the supply of SHIB, the coin’s price has experienced a decline. This decline is in line with the broader cryptocurrency market downturn. However, the launch of Shibarium, a layer-2 solution for Shiba Inu, may provide future price support and contribute to the coin’s potential rise. It remains to be seen how these developments will impact SHIB’s value in the long term.
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