The Shiba Inu (SHIB) community is intensifying efforts to reduce the circulating supply through consistent token burns, signaling a strategic move to enhance scarcity.
Despite significant daily burns, the total SHIB supply remains vast, with over 589 trillion tokens still in circulation, underscoring the challenge of impacting market dynamics substantially.
According to COINOTAG, “The recent surge in SHIB burn rates reflects growing community engagement and innovative wallet strategies aimed at long-term value preservation.”
SHIB burn rate surges over 1,600%, with more than 1 billion tokens destroyed, highlighting community efforts to reduce supply and influence market scarcity.
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The SHIB ecosystem has witnessed a remarkable increase in its burn rate, with data from Shibburn indicating a 1,639% rise over the past week. This surge is primarily attributed to a massive burn event where an anonymous wallet eliminated 1 billion SHIB tokens in a single transaction. Such significant burns are critical in reducing the circulating supply, potentially enhancing token value by introducing scarcity.
While the daily burn volume reached an impressive 11.2 million SHIB recently, it represents a sharp decline of nearly 99% compared to the peak burn day. This fluctuation highlights the volatility and episodic nature of token burns within the community-driven ecosystem.
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Source: https://en.coinotag.com/shiba-inu-burn-rate-surges-over-1600-circulating-supply-remains-largely-unchanged/