Shiba Inu Burn Update December 2: Everything You Need to Know!

Bittime - Shiba Inu continues to steal the attention of the crypto market with its ongoing token burning strategy. In the past week, the SHIB burn rate soared an incredible 7,418%, with over 2 billion tokens burned. 

So, this article will discuss everything you need to know about Shiba Inu Burn. Keep reading the review!

This is a significant development that not only reduces the amount of token supply in circulation, but also has a positive impact on the price of SHIB, which is currently at its highest peak throughout the year. 

For investors and Shiba Inu fans, this development is a sign of optimism that the price of SHIB has the potential to continue to skyrocket.

Shiba Inu Weekly Burn Reaches Highest Level

According to data shared by Shibburn, the official platform for monitoring SHIB burning, during the week ending November 30, the SHIB burning rate reached a fantastic increase of 7,418%. 

The number of tokens burned in that period reached 1.937 billion SHIB, which played a major role in reducing the circulating supply of these tokens. After this announcement, SHIB burning continued to increase, even recording more than 2 billion tokens burned that week. 

At the time of writing this article, the total token burn in the past week has reached 2.15 billion SHIB, with 386.5 million SHIB burned in just the last 24 hours.

This figure is certainly good news for SHIB holders, because burning this token will directly reduce the amount of SHIB circulating on the market, which can have a positive impact on its price and scarcity. 

In the crypto world, the smaller the existing supply of a token, the greater the potential for price increases if demand remains high.

Read also: SHIB Price Prediction: Is Shiba Inu Ready for the Next Big Rally?

How Does Token Burning Affect SHIB Price?

Token burning is a mechanism used to deliberately reduce the supply of a cryptocurrency. This aims to increase the scarcity of the token, which in turn can push the price up. 

For Shiba Inu, which launched with a total supply of 1 quadrillion tokens, consistent and large token burns were critical to increasing its long-term value.

Since its launch, Shiba Inu has managed to reduce its total supply by almost half through various token burns. Although the ultimate goal is to burn the majority of the total SHIB ever created, the journey is not easy. 

Shiba Inu, which has a huge initial supply, faces huge challenges in achieving this target. 

However, according to Shytoshi Kusama, lead developer of Shiba Inu, a burn of 99% of the total SHIB supply is possible in the long term, although it requires time and a mature strategy.

However, Kusama also warned that burning alone will not be enough to maintain SHIB's value in the long term. Another key to success is providing real utility for SHIB, as well as expanding its distribution through various platforms and communities. 

If SHIB manages to gain a strong position in the crypto ecosystem, then it is not impossible that people will be more interested in storing and using this token rather than burning it.

Read also: Shiba Inu Coin: Can SHIB Token Break $1 Price Pay Attention to This Analysis!

What's Driving the SHIB Burn Surge?

Several factors could influence the recent surge in SHIB burning. One of them is increasing community awareness and participation in supporting this project. 

The Shiba Inu community, which is known to be very active and loyal, continues to try to reduce the supply of circulating tokens through various means. including an organized burning program.

In addition, the number of new projects built on the Shiba Inu network, such as ShibaSwap and the development of the DeFi (Decentralized Finance) ecosystem, is also a major driving factor. As the applications and practical uses of SHIB increase, demand for the token has the potential to increase, which in turn supports token burning efforts.

Will SHIB Price Continue to Increase?

Currently, the SHIB price is at a promising point. The continued burning of tokens, coupled with the increasing adoption and use of these tokens, suggests that the price of SHIB may continue to rise over time. 

However, as with all crypto assets, the market remains volatile, and price changes can occur quickly.

For investors, this is an interesting moment to monitor SHIB's developments. If token burning continues at a rapid rate, coupled with other factors, it is possible that the SHIB price will continue to push to higher levels in the months to come.

Read also: Can Shiba Inu Make You Profit? Check Here the Analysis!

Conclusion

The increase in SHIB burning which reached 7,418% in the past week shows a strong commitment from the Shiba Inu community to reduce the circulating token supply. This could increase the scarcity of this memecoin. 

With over 2 billion SHIB tokens burned, hopes of seeing the SHIB price continue to rise in the future are growing stronger. However, beyond burning, providing clear utility and increasing adoption of SHIB across platforms is also an important step to ensure the sustainability of the price increase.

For SHIB holders, stay alert and follow further developments, as this burning trend has the potential to bring significant changes to the future of Shiba Inu in the crypto market.

FAQ About Shiba Inu

How much is 1 SHIB?

The conversion price of 1 Shiba Inu (SHIB) to IDR is IDR 0.4708 today.

What is the highest Shiba Inu price?

What is the all time high price for Shiba Inu (SHIB)? The highest price for Shiba Inu (SHIB) was US$0.00008616, recorded on Oct 28, 2021 (approx. 3 years). In comparison, the current price is 65.41% lower than the all-time high.

What are Shiba Inu coins for?

Shiba Inu aims to be an Ethereum-based partner for Dogecoin's Scrypt-based mining algorithm.

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Reference: 

NewsBTC, article NewsBTC, accessed December 2, 2024

Shibburn, web image Shibburn, accessed December 2, 2024

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