Shiba Inu Burn Skyrockets to 7,400%, Nearly 2 Billion Tokens Destroyed

Coin Shiba Inu SHIB/USD saw a massive 7,400% increase in its weekly burn rate, with approximately 2 billion tokens destroyed. This significant development has sparked renewed optimism about SHIB’s price potential.

The official Shibburn tracker reported a 7,418% increase in weekly SHIB burn on Saturday. This follows the removal of 1.93 billion coins from the meme token’s market supply.

The total meme coin supply stood at 589.26 trillion tokens at the time of reporting.

SHIB SCHEDULE UPDATE$SHIB Price: $0.00002606 (1 hour 1.43% ▲ | 24 hours 2.75% ▲)
Market capitalization: $15,320,425,456 (2.60% ▲)
Total supply: 589,260,637,458,704

BURNED TOKENS
Last 24 hours: 1,453,983,861 (486.31% ▲)
Last 7 days: 1,768,449,634 (806.66% ▲)

-Shibburn (@shibburn) November 30, 2024

The meme coin’s token burning mechanism helps reduce the excess supply of the asset in the market by moving it to a zero address.

These tokens can never be recovered, thereby significantly reducing the supply of crypto. This action should have an upward effect on the price of the asset, reflecting the law of supply and demand.

Read also: A whopping $33.8 million worth of Dogecoin was moved to Robinhood – and people suspect this person might be behind it

Kaaldhairyaa Shiba Inu leader, appears to have played an important role in increasing the burn rate. Kaal revealed on November 30 that the ecosystem’s semi/automatic burns have been operational for months, burning over 300 million tokens to date. The executive also said, “I just burned over 80 million SHIB a few minutes ago and enjoyed the cool animation at the end. »

Before you start spreading misinformation, maybe do some research. The semi/auto burns have been running for months, burning over 300 million SHIB. I actually just burned over 80 million SHIBs a few minutes ago and enjoyed the cool animation at the end. Soon, the burn will go into maintenance for… pic.twitter.com/qYF4cJfu1R

– Kaal (@kaaldhairya) November 29, 2024

Additionally, Kaaldhairya announced that Shibarium’s recent maintenance has been completed and the bridge is now fully functional. This development has further strengthened the company’s leading position in the wider sector.

Kaaldhairya also revealed that the team is “still working on upgrades for burning contracts,” sparking further discussions on future price movements.

At the time of writing, SHIB price was trading at $0.00002593, down slightly by 0.06%. The coin’s monthly chart shows a 39% increase, highlighting optimism in the wake of the SHIB burn outbreak and community progress.

Meanwhile, the growing accumulation of Shiba Inu whales has added to the market’s optimism regarding the future price action of the coin. According to a report, a major whale has continued to acquire the token amid a bull market.

Crypto market participants continue to monitor the meme-themed coin for further changes in price action in light of optimistic statistics.

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