Shiba Inu Community Burns 814 Million SHIB Tokens – What Next For SHIB Price?

The Shiba Inu community is making headlines yet again, this time for burning a massive 814 million SHIB tokens. This move seems to be part of the community’s ongoing effort to reduce the token supply and drive up its value.

Shibarium Testnet Release Boosts Burn Rate

The SHIB token burn rate has been increasing since the release of the Shibarium testnet a few weeks ago. The latest burn marks a 10,000% increase since the testnet launch, according to data from the tracker Shibburn.

The token burn took place over seven consecutive transactions, with 814,901,863 SHIB tokens sent to dead wallets to reduce the token supply. This burn rate spike comes on the heels of the PuppyNet Shibarium testnet release by famous lead Shiba Inu developer Shytoshi Kusama.

The largest burn transaction was triggered by Koyo (KOY), a community-inspired token that started on March 10. KoyArmy founder confirmed the token burn is just the beginning as the community plans to accelerate burn rates in the coming days.

According to Shibburn, 794,858,822 SHIB tokens were burned through the official SHIB Burn Portal on March 27. The transaction details show that the tokens went into the same dead wallets in a single transaction. The 802.43 million tokens were burned less than 24 hours after.

SHIB sees an increase in Trillionaires

In related news, the Shiba Inu (SHIB) token has seen a remarkable 5% increase in the number of holders who have become trillionaires over the past month, bringing the total count to 42. This growth has also occurred in the segment of investors holding between 1 million and 10 million SHIB tokens.

The surge in the number of whales, or large token holders, can have significant implications for market dynamics and the price performance of the meme cryptocurrency. On one hand, it may suggest heightened interest in the token and its potential for growth. As the number of whales increases, it can create a sense of optimism among investors, leading to a surge in demand for the token and a subsequent rise in its price.

But on the other hand, an increase in whale activity could also be a cause for concern. With a higher concentration of wealth in the hands of a few holders, the market becomes more susceptible to manipulation and large price swings.

SHIB was in the red as of the time this article was being written.

Will these two factors lead to a surge in demand and a subsequent price increase, or will they create more instability in the market?