The Shiba Inu community has ramped up its token-burning efforts, removing over 1.3 billion SHIB from circulation in just a week. This shows a strong commitment to reducing the supply of the meme coin.
Increase in Token Burning Volumes
In the past week, the Shiba Inu community burned 1,338,380,740 SHIB tokens, marking a 2.10% increase from the previous week. The burns were facilitated via the official ShibTorch portal on the Shibarium layer-2 blockchain.
Massive Spike in Daily Burn Rates
The daily burn rate surged dramatically following a significant transaction by an anonymous whale. According to Shibburn, the daily burn rate increased by 4,063.59%, with 13,452,570 SHIB tokens sent to burn addresses within 24 hours.
Prospects for Shiba Inu
Despite the aggressive burn rate, the SHIB token has shown short-term weaknesses. After a recent 8.5% spike, its price dropped and is currently at $0.00001157. The community’s willingness to reduce the token supply suggests long-term value preservation.
The increase in SHIB burning volumes reflects the community's commitment to decreasing supply. While market conditions fluctuate, the involvement of whales could support price stability in the long run.
