Shiba Inu (SHIB), the cryptocurrency that gained fame for its ShibaSwap decentralized exchange and its homage to the popular dog breed, is once again making headlines. In the latest hourly update, SHIB is trading at $0.00000727, showing a slight 0.08% increase in the past hour but a 1.85% decrease over the last 24 hours. The market cap currently stands at $4.28 billion, marking a 1.16% decrease.
However, the real buzz surrounding SHIB right now is its ongoing token burn. In the past 24 hours, an astonishing 171 million SHIB tokens were destroyed, indicating a remarkable 35.13% increase in burning activity compared to previous days. Over the past week, 644.9 million tokens have been incinerated, showcasing a 32.73% uptick in the burn rate.
This relentless burning of SHIB tokens has captured the attention of the crypto community. Token burns are often seen as a positive sign, as they reduce the overall supply of a cryptocurrency, potentially leading to increased scarcity and, in turn, upward price pressure. SHIB’s burning frenzy is generating excitement among investors who believe that the reduction in supply could lead to a positive impact on its value.
Shiba Inu’s burning mechanism, which is designed to reward holders and create a deflationary supply, is a unique feature that distinguishes it from other cryptocurrencies. It aligns with the project’s goal of becoming a community-driven token with built-in mechanisms to support its ecosystem.
As SHIB continues its burning spree, the crypto world will be closely monitoring its price movements and the potential effects of reduced token supply. Whether this trend will translate into sustained growth for Shiba Inu remains to be seen, but it undoubtedly adds a layer of intrigue to the SHIB ecosystem for both new and seasoned investors.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Follow us on Twitter @thevrsoldier to stay updated with the latest Crypto, NFT, and Metaverse news!
Image Source: avirozen/123RF // Image Effects by Colorcinch
