CandleFocus Shiba Inu Burns Spike 7,418% In 1 Week – Can SHIB Price Continue Pushing To New Highs?
2024-12-02
Author: Content Editor
Shiba Inu, the meme coin, has experienced a significant increase in its burn rate, resulting in over 2 billion SHIB tokens being burned in the past week. This has led to optimism among investors, especially as the Shiba Inu price is currently at yearly highs. The burn rate spiked by 7,418%, removing approximately 1.937 billion SHIB tokens from circulation. The total number of SHIB tokens burned in the past seven days has exceeded 2 billion. Token burns aim to reduce supply and increase scarcity, ultimately driving up the price. Shiba Inu has reduced its circulating supply by almost half through burns. The community is dedicated to this strategy, and the aim is to burn a majority of the SHIB tokens created. The current circulating supply is 589.26 trillion SHIB tokens. While burning 99% of the tokens created may be challenging, the goal is to give the meme coin utility and viral distribution to discourage burning. The Shiba Inu price is currently trading at $0.00003059, with a 13% increase in the past 24 hours, approaching a new price high for 2024.
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