Shiba Inu Burn: A total of 5.6 Billion SHIB Tokens Removed from Circulation

Bittime - The Shiba Inu (SHIB) community recently witnessed a significant spike in token burn rate, reaching almost 254,000%. Although this drop in supply has attracted the attention of many investors, security experts warn to remain cautious.

Surge in Burning and Reduced Supply

In the last 24 hours, more than 5.64 billion SHIB tokens have been removed from circulation. According to burn monitoring platform Shibburn, this drastic reduction sparked widespread speculation regarding a potential increase in the price of SHIB. 

Historically, increased token burning can reduce market supply, which should potentially increase token value. In October, SHIB token burning even increased by 158%, with a total of 6.13 billion tokens removed from circulation.

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One of the wallets known as “0xbb3…9d8a1” was responsible for burning 5.58 billion tokens in a single day. With this latest burning activity, the total SHIB burned since launch now reaches 410.73 trillion tokens, bringing the circulating supply to around 583.59 trillion. However, despite the rapid increase in burn rate, SHIB price remained under pressure, dropping more than 7% and trading at $0.00001729.

Warning from Security Experts

Amidst this euphoria, Susbarium, a well-known SHIB security advocate on the X platform, issued an important warning. He reminded investors to be careful, especially regarding token burning which may be done strategically to attract attention. 

While Susbarium emphasizes that these acts of burning are not necessarily scams, it encourages the community to conduct thorough research before making any investment decisions. Some of the important points highlighted include token allocation, project goals, and tokenomics.

This warning was supported by Kaal Dhairya, lead developer of SHIB, who also shared Susbarium's message. He invited token holders to remain calm in making decisions and not get carried away by the hype generated by token burning.

Optimistic Outlook for Q4 2024

Even though the SHIB price has experienced a decline, some analysts believe that this asset could experience an increase in the next few months. There are predictions that SHIB may reach $0.000081. Anticipation ahead of the upcoming US presidential election also adds to optimism, with many experts predicting a rise in altcoins in the final quarter of the year.

Currently, Shiba Inu has a market capitalization of $10.19 billion, cementing its position as the second largest meme coin after Dogecoin. Over the past year, SHIB's market capitalization has more than doubled, although it is still only half of its peak value of $21.16 billion reached last March. Despite over 125% year-on-year gains, SHIB is still trading 80% below its all-time high recorded at $0.00008845 in October 2021.

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