- Shiba Inu (SHIB) has recently experienced a significant development amidst the ongoing bearish trends in the larger cryptocurrency market.
- Data from Shibburn indicates that SHIB’s burn rate has skyrocketed by 529.72% within the past 24 hours.
- Approximately 37.53 million SHIB tokens have been incinerated during this period, a milestone that has energized the Shiba Inu community.
Shiba Inu (SHIB) burn rate surges by 529%, representing a promising shift despite the broader market downturn. Discover the implications for SHIB’s future.
Implications of the Increased Burn Rate for Shiba Inu
The latest burn activity shows that around 410.7 trillion tokens have been eliminated from the initial supply, significantly reducing the circulating figure. Currently, the meme coin has a supply of 583.3 trillion tokens available. This ongoing token burn trend is seen as a bullish indicator for multiple reasons.
Impact of Deflationary Measures on Crypto Assets
The deflationary effect, brought about by a reduced circulation supply, is a well-known positive economic force in the world of cryptocurrencies. Similar to Bitcoin (BTC) with its finite supply of 21 million coins, the process of burning Shiba Inu tokens could eventually catalyze an uptick in its price.
What does it mean for Shiba Inu price?
While the price of SHIB is currently in a slump, trading at $0.00001776 as per CoinMarketCap, with a 4.83% drop in the last 24 hours, there’s optimism about the long-term effects of the burn rate surge.
The market cap of SHIB has also seen a 4.82% decrease, currently valued at $10.47 billion. Despite these short-term setbacks, the consistent burning of 37.53 million tokens suggests a strategic effort to boost the meme coin’s value over time. A persistent and substantial reduction in supply could lead to increased scarcity and potential appreciation in SHIB’s market price.
Conclusion
Overall, the significant increase in Shiba Inu’s burn rate marks a noteworthy development for the coin. Despite current price struggles, the long-term effects of burning over 37 million tokens could point towards a favorable future. Investors and enthusiasts should view this as a strategic move toward creating a more deflationary asset, potentially leading to price improvements down the line.
