Shiba Inu, a popular meme coin, saw a staggering 7,418% increase in its burn rate over the past week, with over 2 billion SHIB tokens burned, significantly reducing its circulating supply. This supply decrease has sparked optimism among investors, with Shiba Inu's price currently trading at yearly highs.
According to Shibburn, there was a sharp rise in SHIB's weekly burn rate leading up to November 30, removing approximately 1.937 billion tokens from circulation. This momentum in SHIB burns has continued, reaching over 2.15 billion tokens burned in a week.
Token burns are crucial for reducing supply and potentially increasing the asset's price. With Shiba Inu originally created with 1 quadrillion tokens, these burns are significant, and the circulating supply has nearly halved. The latest burn figures highlight the community's commitment to this strategy.
The total circulating supply of Shiba Inu currently stands at 589.26 trillion SHIB tokens. Lead developer Shytoshi Kusama believes a majority of tokens can be burned, though cautions it's challenging to burn 99% of total SHIB tokens. However, he emphasizes the importance of utility and distribution as ways for SHIB to thrive.
Currently, Shiba Inu's price is $0.00003059, up 13% in 24 hours, reaching an intraday high of $0.00003146, close to setting a new price high. These developments indicate potential for continued positive price movement fueled by ongoing burn efforts and increased interest.
