Shiba Inu is one of the most popular meme coins and ranks 11th in Coin Market based on market capitalization. As a meme coin, Shiba Inu provides users with a huge total supply, but the more supply there is, the less demand there is, which is the limiting factor for the cryptocurrency. Although Shiba Inu is preferred, the team is continually working on different practices to create a scarcity of tokens. One of those practices is the Shib burn mechanism, which reduces the supply of tokens.
In this blog, we will explain the mechanics of Shiba Burn and how many Shiba Inu tokens have been burned so far.
Shib Burn Burned 410 Trillion Shiba Inu Tokens
With Shib Burn, Shiba Inu tokens are delivered to a dead wallet whose private keys are unknown to anyone and no one can access these tokens. The process of creating a private key is so difficult that no one can successfully crack the key code and access these tokens. Therefore, when Shiba Inu tokens are transferred, they are removed from circulation, reducing the total supply and increasing the stability of the cryptocurrency.
Also read: Shiba Inu (SHIB) Price Forecast 2024, 2025, 2026, 2030, 2040-May 2050
Because of this, Shiba Inu has destroyed or disposed of 410 trillion Shiba Inu tokens in the past three years.
The Shiba Inu was introduced four years ago, with a total supply of 1 trillion dogs. Soon after, almost half of the supply was awarded to Vitalik Buterin in recognition of his role in the development of the crypto industry. Now, three years later, multiple shibbans have been carried out, and the total supply has decreased by 410 trillion pieces. As of this writing, Shiba Inu’s total supply is 589 trillion, and in the past hour he has burned 29,596,142.
The second most popular meme coin has increased its burn rate by 299.60%, deleting 58,029,947 $SHIB tokens in the past 24 hours. And in a weekly interval where 175 million SHIB tokens were burned, this number is even higher.
The Shib burn mechanism was not part of the Shiba Inu network. However, the community approved the Shib Burn mechanism three years ago to reduce the supply of SHIB and stabilize the token.
What impact will the recent Shiba Inu burns have on Shiba Inu prices?
Despite the Shiba-yaki, the price of Shiba Inu has not been significantly affected. The price increased by only 1.27% in the past 24 hours. However, the token faced a decline of 11% this week and 17% this month. This brings into question the possibility of a shivban and its impact on memecoin price performance. As of this writing, Shiba Inu is trading at $0.00002271 and has a market cap of $13,377,578,621.
Due to the downturn in the virtual currency market, Shiba Inu transactions have decreased significantly. The 24-hour trading volume decreased by 35% and is now worth $268,749,725. This is currently its worst performance in a month, leaving it 74% off its ATH target of $0.00008845.
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