This past week, the Shiba Inu community successfully burned 1.74 billion SHIB tokens, a decrease from the 3.98 billion SHIB burned the week prior. The large quantity of SHIB being burned is part of a larger commitment from the SHIB community to use burning as a way to reduce the token supply and increase its value. Blaze Token and SHIB Super Store, the community-led burning initiatives, were responsible for the majority of the burn. SHIB Super Store alone burned for 10.45 million SHIB, while Blaze Token was responsible for the largest burn, removing 1.69 billion SHIB from circulation. The Mysterious Wallet also partook in burning, though they still have a notable 335.79 billion SHIB left in their possession. Despite the burning, SHIB’s price has still decreased, -6.6% in the last seven days, signaling that burning, while essential, is not the only factor influencing its price. For the moment, SHIB is trading around $0.00000884, with a 24-Hour Trading Volume of $91,070,477. It is clear that the Shiba Inu community is committed to continue burning SHIB tokens as a way to reduce its token supply and increase its value, and it will be interesting to see the effects this has on its price in the future.
Nicole Gomez
- 2023-05-15
Burning of 1.74 Billion SHIB Tokens by Shiba Inu Community
This past week, the Shiba Inu community successfully burned 1.74 billion SHIB tokens, a decrease from the 3.98 billion SHIB burned the week prior. Blaze Token and SHIB Super Store, the community-led burning initiatives, were responsible for the majority of the burn. Despite the burning, SHIB’s price has still decreased, -6.6% in the last seven days.
