Shiba Inu (SHIB) has been trying to recreate its remarkable price surge from 2021. This time, the dog-themed digital token is leveraging the power of an intensified token burn to boost investor sentiment.
According to Shibburn.com, 56,163,173 SHIB tokens were burned in the last 24 hours. This jump in token burns marks a remarkable 101.20% increase.
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This increase in burn activity coincides with the accumulation of SHIB tokens by whales. According to a post from IntotheBlock (@intotheblock) on X, SHIB has a 63% concentration of whales. This substantial token burn was orchestrated by at least two distinct addresses, sending massive amounts of SHIB tokens into the burn wallet.
Why SHIB Burning Matters
Burning is the intentional removal of tokens from circulation. Burning is permanent and usually involves sending tokens to an inaccessible wallet, also known as a dead or inferno wallet. This deflationary model reduces the total token supply, creating scarcity and potentially increasing the token’s value.
Although the immediate impact might seem small, it could boost SHIB’s potential price surge capability in the long term. This implies the gradual reduction in the circulating supply could set the stage for a steady rise in price.
According to data from CoinMarketCap, SHIB already showed some positive signs with a small spike earlier today. However, it has dropped again and is currently trading at $0.000007243 which is down 0.15% over the last 24 hours.
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A Bright Future for Shiba Inu
Shiba Inu has been gaining a lot of momentum recently. The launch of Shibarium got a favorable response from the community, surpassing 2.5 million transactions and over 1.1 million wallets within a few weeks of launch.
This positive reaction is a boost. It can fuel adoption and give Shiba Inu a better fighting chance in a market dominated by other well-established networks, including Bitcoin (BTC) and Ethereum (ETH).
Meanwhile, a member of the Shiba Inu development team also provided Shibarium initiatives that could help boost the price of SHIB. Notably, the burn aspect of the Shiba Inu layer-2 scaling solution will play a major role in SHIB price growth, it’s just a matter of when.
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