Shiba Inu Burn: SHIB Token Burn Update
2024-12-03
Bittime - Shiba Inu (SHIB) is back in the spotlight with a huge spike in token burning. In the past week, SHIB's burn rate soared to 7418%, burning more than 2 billion tokens. Although in the last 24 hours there was a small decrease in burning, many are wondering whether this increase will be enough to push the SHIB price higher.
SHIB Burn Hits Tremendous Numbers
Shiba Inu, known as the second largest memecoin after Dogecoin, is showing its deflationary side with an astonishing increase in token burn. Data from SHIBBURN records that more than 410 trillion SHIB tokens have been burned, which, if calculated based on current prices, is worth more than $12 billion, or around IDR 190 trillion (at an exchange rate of 1 USD = IDR 15,800).
This increase in burning plays an important role in creating a scarcity of token supply in the market. In theory, the fewer tokens in circulation, and the greater the demand, the price can rise. That is why, this massive SHIB burning can have a positive impact on the SHIB price in the long term.
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Impact of Burning on SHIB Price
Although SHIB burning increased rapidly, the SHIB price also showed positive movement. In the last week, the price of SHIB rose by around 15%. However, in the last 24 hours, the price of SHIB fell by around 3%, and is currently trading at around $0.0000299, or around IDR 0.47 per token (at an exchange rate of 1 USD = IDR 15,800).
Market sentiment towards SHIB is still positive, as can be seen from on-chain data which shows many people remain optimistic despite the price decline. Apart from that, the increase in the number of SHIB on the exchange could also be caused by profit taking by large investors.
Can SHIB Continue to Rise?
With more and more SHIB being burned and signs of SHIB being undervalued (a price that is considered cheap), there is a chance that the SHIB price could rise again. If the positive trend continues, SHIB has the potential to test the resistance level at $0.000033, or around IDR 0.52 per token. However, if the bearish trend continues, the SHIB price could fall further to around $0.000028, or around IDR 0.44 per token.
Overall, while this extraordinary SHIB burn provides a positive boost, the price of SHIB in the short term is still highly dependent on market fluctuations and the decisions of large investors. Whether this big burn can take SHIB to higher levels or even to the “moon,” remains to be seen.
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SHIB Token FAQ
What is Shiba Inu (SHIB)?
Shiba Inu (SHIB) is a memecoin launched in 2020, inspired by the Shiba Inu dog breed. SHIB is growing to become part of the DeFi ecosystem with projects such as ShibaSwap and other tokens, BONE and LEASH.
What is token burning?
Burning SHIB tokens means removing tokens from circulation by sending them to an inaccessible address. This reduces circulating supply, which is expected to increase the price of SHIB.
How to buy SHIB?
SHIB can be purchased on exchanges such as Binance or Indodax by depositing funds and purchasing using SHIB trading pairs. These tokens can be stored on exchanges or personal wallets.
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Reference
Mitra, Dipayan, Media Ambcrypto, accessed December 3, 2024.
Coin Market Cap, Media Coin Market Cap, accessed December 3, 2024.
Shibburn, Website Image Shibburn, accessed December 3, 2024.
Author: MF
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