In an astounding 24-hour period, the $SHIB burn rate surged by nearly two million percent, fueling bullish sentiments and optimism within the $SHIB community.
Shiba Inu is a decentralized cryptocurrency project inspired by the popular internet meme of the Shiba Inu dog breed. It was created as an alternative to Dogecoin on the Ethereum blockchain.
The Shiba Inu ecosystem comprises three unique tokens, each serving a different purpose. $SHIB, the primary token, functions as a decentralized, community-driven currency accessible to millions worldwide. Launched in late 2020 on the Ethereum blockchain, $SHIB has gained global recognition and can be used as payment at numerous locations, either directly or through third-party intermediaries.
The Shiba Inu burn party is about taking $SHIB tokens out of the game. You do this by sending SHIB to a dead-end address – a wallet that’s pretty much off-limits. Once SHIB is burned, it’s gone for good and can’t be used for trading or anything else. This could help bump up the value of the leftover $SHIB tokens.
People have different reasons for wanting to burn SHIB tokens. Some think that burning SHIB will make it rarer and more valuable. Others reckon that burning SHIB means fewer tokens are in circulation, making it easier for SHIB to be used like real money. And then some want to show some love for the Shiba Inu project.
Whatever the motivation, the Shiba Inu burn party gives $SHIB token holders the power to influence the token’s value directly. By burning SHIB, they can help cut down the number of tokens out there, which might lead to an increase in the value of the remaining ones.
But keep in mind that there’s no surefire guarantee that burning SHIB will increase the token’s value. The value of SHIB depends on loads of factors, like supply and demand, how people feel about the market, and how the whole crypto scene is doing.
As of 1:38 p.m. UTC on April 9, $SHIB burn tracker Shibburn is reporting that in the past 24-hour period, over 1.1 billion $SHIB tokens were burned. This meant that the $SHIB burn rate surged by an insane 1,988,913%, with over 410.63 trillion$ SHIB tokens burned so far.
According to data from TradingView, currently (as of 1:42 p.m. UTC on April 9), $SHIB is trading at around $0.00001089, up 34.11% in the year-to-date period.