Recent data is indicative of a significant increase in the burn rate of Shiba Inu Coin, which correlates with the ecosystem's expansion into the Coinbase Base network.
SHIB Burn Rate: Statistics and Importance
According to data from Shibburn, the burn rate for SHIB soared, increasing by 16,717% over the past 48 hours. This resulted in the permanent removal of 602,041,022 SHIB tokens from circulation.
Token burning is a key deflationary strategy aimed at reducing circulating supply, increasing scarcity, and ultimately boosting the long-term value of the token.
Expansion on Base and New Burn Mechanics
The recent spike in burn rate highlights community efforts following Shiba Inu's debut on Coinbase's Base network. The Shiba Inu team shared on X that this move offers a new burn engine for the ecosystem.
Leveraging this expansion, the Shiba Inu team anticipates that the total SHIB supply will decrease significantly, with expectations for active burning activities from the new 'burn engine'.
Market Expectations and SHIB's Future
Despite active token burning and the integration into Base, the SHIB price has not shown significant changes. As of now, the price has dropped by 4.4% to $0.00001273 over the past 24 hours.
Analysts note that SHIB holds growth potential based on the current price patterns and historical performance. Thus far in July, the SHIB price has risen by 11%, and market participants remain optimistic about July's end.
In summary, the token burning of SHIB and its introduction to a new platform may positively impact its price outlook. Market participants are eagerly awaiting the conclusion of July 2025.
