Gushiken Yona
The Shiba Inu (SHIB) community is abuzz with excitement as the token’s burn rate defies recent declines and soars to an unprecedented five-digit figure. This unexpected surge has reignited enthusiasm among the Shib Army and the broader Shiba Inu community, actively working to reduce the circulating supply of SHIB and potentially increase its value.
The Shiba Inu burn mechanism involves sending SHIB tokens to a “dead wallet,” a cryptocurrency wallet with inaccessible private keys, removing them from the market forever. This deflationary measure decreases the total supply of SHIB, making the remaining tokens more scarce and potentially driving up their price.
Earlier this month, a massive token burn of over 21.5 million SHIB coins took place, resulting in a staggering 16,593% increase in the burn rate. This impressive feat follows a previous week’s decline of 71.87%. The majority of this impressive burn was attributed to a single transaction by an anonymous crypto whale, who transferred a whopping 21,315,658 SHIB to a dead wallet just a few hours ago. This substantial contribution to the burn rate reflects the growing interest and commitment of large investors in supporting SHIB’s deflationary mechanisms.
K9 Finance, the official liquid staking derivative (LSD) platform on Shibarium and a partner of Shiba Inu, via its decentralized autonomous organization (DAO) earlier proposed a significant token burn to honor Ethereum co-founder Vitalik Buterin’s historic SHIB token burn. In May 2021, Buterin burned a staggering 410 trillion SHIB tokens—worth over $6 billion—and pledged to donate the remaining amount to charity.
As a tribute to this event and in alignment with the massive SHIB burning activities, K9 Finance burned 410 million $KNINE tokens from its treasury, specifically from the marketing allocation. This move aims to celebrate SHIB’s history and foster unity among SHIB-related projects.
While the exact impact on SHIB’s price remains to be seen, the surge in the burn rate has undoubtedly reignited confidence in the project’s future. As the Shiba Inu community continues to rally behind the project and actively participate in token burns, the meme coin’s journey toward increased scarcity and potential value appreciation is poised to captivate the attention of the wider cryptocurrency market.
Despite the recent surge in token burning, Shiba Inu (SHIB) experienced a slight dip in price, trading at $0.00002418 with a robust 24-hour trading volume of $600,364,071, marking an 11.61% increase. However, the price action reflects a 2.37% decrease in the past 24 hours, a 6.98% decrease over the last seven days, and a 4.88% dip in the last 30 days. Data from CoinMarketCap showed that SHIB’s market capitalization also saw a 2.39% decrease, reaching $14,275,220,106, with a total circulating supply of 589,271,803,029,900 SHIB.
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
