This shows that the Shiba Inu team has achieved the pace of their usual token burn strategy as key cryptocurrencies, including Shib, continue to show signs of a potential breakout amid renewed interest from investors.
According to the data, Shiba Inu (SHIB), a dog-themed meme, has seen a surge in burn rates of 37,937% over the past 24 hours. Therefore, a total of 280,097,384 shiv tokens have been permanently removed from the circulation.
With Shib’s circular supply reduced to 584,418,740,458,583, the metric highlights the Shiba Inu team’s commitment to creating increasing shortages whilst increasing the value of key meme coins.
Shib’s five-digit burn rate spikes have shown a noticeable revival from previous lows, and have been in negative fashion for weeks. This reflects Shiv’s bullish outlook for price performance, but shows an increase in demand for meme assets by whales and small investors.
The shibu price is still red
Despite the sharp rise in the burn rate of Shiv on the last day, we can see Sibainu prices being traded in the red zone at the same time.
As of press time, SHIB is trading at $0.00001334, a price drop of 1.54% over the past 24 hours. Meanwhile, the token had reached a high of $0.00001352 on the same day.
This negative price movement suggests that the large token burns carried out by the SHIB team will not significantly affect the immediate performance of tokens. However, historical trends show that sustained shiv token burns have been proven to be beneficial for the long-term performance of assets.
Today, U.Today reported a massive shiv relocation in which billions of shiv tokens are involved in major US exchanges. The move shows a notable sale or preparation for sale, but may have contributed to a lower market price for Shiba Inu, while increasing the need for token burns.
The SHIB ecosystem continues to keep an eye on rare whale activities, but the community hopes that the potential for SHIB price is imminent.
