The Latest Spike
After a period of minimal activity, Shiba Inu, the popular memecoin, experienced a significant reduction in its circulating supply. The burning rate for Shiba Inu tokens increased by approximately 250% in the past 24 hours. Over 53 million SHIB tokens were sent to an inaccessible address, further reducing the total supply. Currently, more than 41% of the maximum total supply has been destroyed. This token burn program aims to increase the scarcity and potential value of SHIB. Binance, the world’s largest cryptocurrency exchange, also recently burned over $450 million worth of BNB tokens.
Is it Time for a SHIB Rally?
While the successful execution of the token burn program is expected to boost the price of SHIB, it has only seen a minor increase of 1.5% in the past 24 hours and less than 3% in the last week. Another factor that could drive a rally is the continued development of Shibarium, Shiba Inu’s layer-2 blockchain solution. Since its launch in August, Shibarium has achieved significant milestones. To learn more about Shibarium, you can watch our informative video:
Hot Take: Will SHIB’s Value Rise with Token Burns and Shibarium Development?
Shiba Inu’s recent token burn has aimed to increase scarcity and value for SHIB holders. Although there have been only minor price gains so far, the burning program may have long-term effects on SHIB’s value. Additionally, the ongoing development of Shibarium presents another opportunity for potential growth. As Shibarium continues to achieve milestones and provide innovative solutions, it could attract more attention and investment to Shiba Inu. Whether these efforts will ultimately result in a significant rally for SHIB remains to be seen, but they certainly contribute to the project’s overall progress and potential.
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