Shiba Inu’s Potential Record-Breaking Token Burn
There are rumors circulating that the price of Shiba Inu (SHIB) could experience a significant surge due to a potential token burn. A team member named Ragnar mentioned in a now-deleted tweet that the 9.25 trillion SHIB tokens might be burned this month. It is unclear why the tweet was deleted, but it could have been to manage expectations. The massive number of tokens involved makes it unlikely that this burn will happen in a single month, as the highest number burned so far has been in the billions.
The Impact on SHIB’s Price
If such a record-breaking burn were to occur, it could have a massive impact on the price of SHIB. The meme coin has historically rallied when large quantities of its tokens are burned. However, it is important to note that only 64 million SHIB tokens have been burned this month, according to data from the Shiba Burn Tracker.
Current State of SHIB
At present, Shiba Inu is trading at approximately $0.000008907, experiencing a decline of over 5% in the last 24 hours. Additionally, daily transactions on the network have been decreasing since December 2021, with current figures standing at 4 million transactions per day.
Hot Take: Uncertainty Surrounds Shiba Inu’s Token Burn
The potential for a record-breaking token burn has generated excitement among Shiba Inu holders and investors. However, there is uncertainty surrounding whether the 9.25 trillion SHIB tokens will actually be burned this month or if it will happen over a longer period of time. If such a burn does take place, it could lead to significant price movements for SHIB. As the situation unfolds, it will be interesting to see how the market responds and whether Shiba Inu can regain momentum.
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