The Shiba Inu community has burned around 9 million $SHIB tokens from circulation over the last 24-hour period in a move that is helping reduce the meme-inspired cryptocurrency’s circulating supply, in a bid to help its value grow by reducing available supply.
According to data from SHIB burn tracker Shibburn, the SHIB burn rate has jumped by over 3,500% when compared to the previous 24-hour period, as 9 million tokens were burned. While the figure is at first significant, it’s worth noting that it’s relative to the previous day. When looking at SHIB’s total circulating supply, the figure is relatively low.
Data from the Shiba Inu burn tracker revealed that the meme-inspired cryptocurrency’s community has burned around 1.8 billion SHIB tokens over the past week, and that since the cryptocurrency was launched around 410.63 trillion tokens have been destroyed, from a total supply of 1 quadrillion.
As CryptoGlobe reported, the recently launched Koyo token project has moved forward with a major burn of the meme-inspired cryptocurrency earlier this month, destroying an astounding 1.49 billion tokens in a single transaction.
Shytoshi Kusama, SHIB’s lead developer, recently shared his thoughts on the relationship between Shiba Inu’s price and burns in a telegram chat. According to Kusama, the price of Shiba Inu cannot be influenced solely by burns.
In response, the Shiba Inu team has been focused on developing new technologies and utilities to foster SHIB adoption. Kusama believes that only through such efforts can Shiba Inu prices experience the significant increase that everyone desires.
As CryptoGlobe reported, a massive SHIB whale has recently expanded its portfolio to nearly 5 trillion tokens after adding an additional 171.68 billion SHIB for around $1.88 million through four different transactions.
Notably, data from IntoTheBlock has shown that a significant portion of SHIB tokens are now in the hands of long-term investors, highlighting the growing allure of the token among those with an extended investment outlook.
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