In 2024, the Shiba Inu ecosystem underwent various changes, including significant token burns and price growth. Let's examine the key events and factors influencing SHIB's value.
History of SHIB Emergence and Supply Dynamics
Shiba Inu was launched with a supply of one quadrillion tokens. Half was locked into Uniswap for liquidity, while the other half was sent to Ethereum co-founder Vitalik Buterin. Buterin later donated trillions of SHIB to charity and burned 410 trillion tokens, significantly impacting supply dynamics and price trends.
Burn Mechanism and Its Impact on Price
In 2022, the SHIB team introduced a burn mechanism allowing users to send tokens to dead wallets. Over 44.6 billion SHIB were destroyed in 2024, reducing supply. The burn rate surged by 100% in the last 24 hours of the year, potentially influencing the token's future value.
Shibarium Development and Achievements
Shibarium made significant strides in 2024. Total transactions surpassed 700 million, and wallet addresses exceeded 2 million. These achievements highlight the ecosystem's expanding use case and support for SHIB's growth.
These events and achievements in 2024 emphasize the increasing efforts of the Shiba Inu community to reduce supply and enhance its ecosystem, which in turn contributes to its rising market value.
