Recent data from blockchain tracking platform Shibburn reveals That Shiba Inu (SHIB), a popular dog-themed meme coin, has burned around 146 million tokens in its quest to maintain its position among the top 10 cryptocurrencies by market cap.
Recent data from blockchain tracking platform Shibburn reveals That Shiba Inu (SHIB), a popular dog-themed meme coin, has burned around 146 million tokens in its quest to maintain its position among the top 10 cryptocurrencies by market cap.
SHIB Token Burning: Strategic Move
Shibburn shows that Shiba Inu has burned 146,270,727 tokens in the last 24 hours alone. This substantial reduction in token supply marks a strategic move by the SHIB community to improve the meme coin’s scarcity and increase its value.
Most of this burning occurred in a single transaction when 100,877,615 SHIB were intentionally sent to the dead wallet, thus removing it from circulation. This was closely followed by transactions of 3,682,838 SHIB and 1,183,369 SHIB, constituting the second and third largest burns, respectively.
As a result, the total amount of tokens burned from the initial supply now stands at 410,709,332,962,061. This substantial reduction in circulating supply comes on the heels of recent reports indicating the delisting of over 177 million SHIB meme coins. This deliberate burning of tokens contributes to deflationary pressure on SHIB, making each remaining token more valuable over time.
Shiba Inu’s current position in the market
SHIB, currently in 10th place, has displaced Avalanche (AVAX) and has a market capitalization of $19 billion. This achievement marks a key milestone for the dog-themed token, especially considering its recent struggle to overcome the $0.00001 resistance level.
At the time of writing, SHIB is trading at $0.00003151, reflecting a notable 128% increase over the past seven days. This bullish momentum can be attributed to several factors, chief among them being the general hype in the mainstream market fueled by Bitcoin’s rise to an all-time high.
Additionally, anticipation around updates to the Shiba Inu ecosystem, as teased by Shytoshi Kusama, has contributed to investor optimism.
