Shiba Inu, one of the most famous meme coins, has seen a significant price surge in a day as the value has surged 20% from yesterday. The token is trading at $0.00002767 with a market cap of $16.29B after a 19% surge. The credit for this surge goes to the recent SHIB Burn, which has pushed the total supply down by a huge percentage.

The Shiba Inu burn will eventually lead to increased demand for the token. It has been already proven by the last burning of the Shiba Inu token, as in 24 hours, the trading volume has surged more than 116%, pushing the value to $1.18B.

What Is Meant By Shiba Inu Burn?

SHIB Burn talks about burning a proportion of the SHIB token supply in an attempt to increase the demand for the token by limiting supply. However, Shiba Inu has such a huge supply that the SHIB developers should initiate the token-burning process regularly.

Shiba Inu, or any other cryptocurrency, is not a physical currency, so the burning doesn’t talk of actual burning. Instead, it talks about sending the SHIB token to a burner address or dead wallet whose private key is lost. As a result, the tokens are lost forever, with no way to retract them.

Also Read: Bitcoin Price Rally to $100K after BTC Halving, Said Bitwise CEO And More

Interestingly, the Shiba Inu whitepaper never mentioned the SHIB burn and was introduced later. The Shiba Inu burn was a collective decision of the token community and developers to help the network grow.

Talking of which, the first-ever SHIB burn happened in June 2021, and Vitalik Buterin was gifted 50% of the total SHIB supply.

Highlights Of April Shiba Inu Burn

The SHIB burn rate has spiked by 172%, resulting in a price surge of SHIB tokens. Here, the Shiba Inu burn has removed 392,376,654 SHIB tokens in 18 transactions in just the last 24 hours. In total, 449,360,571 SHIB token burning has happened in seven days.

In the past 24 hours, there have been a total of 392,376,654 $SHIB tokens burned and 18 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/1mzMJBEyvc

— Shibburn (@shibburn) April 21, 2024

Shiba Inu’s new total supply has come out to 589,273,998,518,000 SHIB after this attempt to create scarcity for this meme coin and surged demand. This SHIB Burn spring has been going on for days, where the maximum number of tokens were burnt on the 14th of April with an elimination of 650 million SHIB tokens.

Also Read: Tron vs MATIC: Who Will Hit $1 First?

SHIB burn has become a significant event for this cryptocurrency. It is because, unlike any other cryptocurrencies, SHIB supply is not reduced with the mining or staking process. By February 2024, Shiba Inu had already burnt more than 41% of the total supply, and the current Shiba Inu burn has already alleviated the percentage higher.

Conclusion

Being a meme coin, this process also becomes mandatory for Shiba Inu due to its huge total supply. Shiba Inu started with an initial supply of 1 Quadrillion, which has now reduced to 589.53T SHIB. This decline did not happen in just one day as it took years of burning. In the last 3 years, Shiba Inu Burn has removed over 410 Trillion tokens intending to reach $1 someday.

Read More 4 Cryptocurrencies You Might Want To Sell This Bitcoin Halving

The post SHIB Burn: Unraveling the Burning of 449 Million Shiba Inu Token appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am