Gushiken Yona
Shiba Inu, the meme coin known for its playful canine mascot and fervent community, is making a strategic move to fuel its price ascent: burning tokens.
Throughout September, the project committed nearly 2.4 billion SHIB tokens to the digital incinerator, a move designed to reduce circulating supply and potentially boost the token’s value. This latest burn totaled 2,378,422,108 SHIB across 131 transactions, representing a significant escalation in the project’s deflationary efforts.
In the past seven days alone, over 2 billion SHIB tokens were removed from circulation – a staggering 7650.63% increase in burn rate. The rationale behind this strategy was rooted in basic economics: reduce supply, and demand could potentially increase, driving up the price.
While the long-term impact of these burns remains to be seen, the move certainly captured the attention of the crypto community.
Adding fuel to the fire, the Shiba Inu ecosystem recently unveiled ShibTorch, a community-driven burn portal integrated into the Shibarium Layer-2 network. This innovative platform empowers the ShibArmy to actively participate in the token-burning process, fostering a greater sense of ownership and transparency.
Through ShibTorch, base fees from Shibarium transactions are locked into a dedicated burn contract. Once a predetermined threshold of BONE, the governance token of ShibaSwap and the gas fee token of Shibarium, accumulates within the contract, any user can initiate a two-stage burn process. First, the BONE is bridged to the Ethereum mainnet and swapped for SHIB. Finally, these SHIB tokens are permanently removed from circulation.
“ShibTorch stands as our ongoing commitment to our loyal community, empowering every member to actively participate in the burning process,” Dawa, ShibTorch Lead Designer, exclusively told The Shib Daily. “Together, we reduce the SHIB supply, strengthen our ecosystem, and continue building the future of Shiba Inu.”
As of Wednesday morning ET, Shiba Inu was trading at $0.00001694, reflecting an 8.32% dip over the past 24 hours. However, the token has shown resilience over longer timeframes, boasting a 14.72% surge over the past week and a 28.09% increase over the last 30 days.
Despite the recent dip, trading volume remained robust, surging by 40.48% in the past 24 hours to reach $796,299,137. With a circulating supply of 589,267,470,223,372 SHIB, Shiba Inu currently commands a market cap of $9,977,647,226, according to CoinMarketCap data.
Whether this aggressive token burning strategy will translate into sustained price appreciation for Shiba Inu remains an open question. However, one thing is certain: the project made a bold statement, signaling its commitment to reducing supply and potentially igniting a new phase of growth for the popular meme coin.
Read More
- ShibTorch Ignites: Community-Driven SHIB Burning Now Live on Shibarium
- Shiba Inu Gears Up At Potential Uptober Momentum As Over 55% of Holders Are ‘In The Money’
- Shiba Inu Outperforms Major Cryptocurrencies, Grayscale Data Reveals
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.
