Violet Vallaya
The cryptocurrency market is showing signs of recovery from the recent price crash, and Shiba Inu (SHIB), the popular meme coin, is riding this wave of positivity.
Data from Shibburn reveals that the burn rate of Shiba Inu has surged by 131% in the last 24 hours.
The total number of SHIB tokens burnt from the initial supply is approximately 410.72 trillion. The maximum total supply of SHIB is nearly 1 quadrillion (999.98 trillion), while the total supply is about 589.28 trillion. The circulating supply, which refers to the number of coins available for trading, stands at approximately 582.63 trillion.
Token burning refers to the deliberate act of permanently removing a specific amount of tokens from circulation. This is achieved by sending the tokens to a special kind of crypto wallet address—one that lacks the private keys necessary to access or retrieve them.
Essentially, these tokens become inaccessible, effectively reducing the overall supply available for trading. This indicates a significant reduction in the number of tokens in circulation, which can lead to an increase in the token’s price due to the supply-demand dynamics.
The recent momentum in Shiba Inu can be attributed in part to this burning mechanism. As more SHIB tokens are burnt, the scarcity of the coin intensifies. When coupled with escalating demand, this scarcity can drive prices upwards, as evidenced by the current positive trajectory.
As per the latest data from CoinMarketCap, SHIB is presently trading at around $0.00002722. The price has a 5.69% increase over the past 24 hours. This upward movement not only bodes well for SHIB investors but also serves as a positive signal for the broader crypto market.
