Shiba Inu Burn Index Soars 7,418% in 1 Week - Can SHIB Price Continue to Hit New Highs?

The popular meme Token Shiba Inu has seen a staggering surge in its burn rate, with an increase of up to 7,418%. Over the past week, more than 2 billion SHIB Tokens have been burned, leading to a significant decrease in circulating supply. This has sparked optimism among investors, especially considering Shiba Inu's current price at its yearly high.

Shibburn is the official platform to track the SHIB token burning situation, which was disclosed on the social media platform X. As of the week ending November 30, the weekly burning rate of SHIB soared by 7,418%. This sharp rise led to the disappearance of approximately 1.937 billion SHIB tokens from circulation, marking an important milestone in the ongoing effort to reduce a large supply of tokens.

After Shibburn published this post, the momentum of SHIB destruction has been increasing along with the pump in the price of Shiba Inu. At the time of writing, the total number of SHIB Tokens destroyed in the past seven days has exceeded 2 billion, reaching an astonishing 21.5 billion SHIB Tokens. Among them, 3.865 billion SHIB Tokens were destroyed in the past 24 hours alone.

Token burning is a mechanism to intentionally reduce the supply of Cryptocurrency, aiming to increase scarcity and thus exert upward pressure on asset prices. For Shiba Inu, which initially had a large circulating supply, continuous and large-scale burning is crucial for its long-term valuation prospects. The total supply of Shiba Inu is 10 trillion tokens, but SHIB burning efforts have reduced the Circulating Supply by nearly half.

The latest Shiba Inu destruction data highlights the community's dedication to this strategy, with over 2 billion tokens destroyed from circulation in just one week. As of writing, the total circulating supply of this meme Token is 589.26 trillion SHIB Tokens.

The goal has always been to destroy most of the created SHIB Tokens. According to Shytoshi Kusama, the chief developer of Shiba Inu, this ambitious goal is achievable. However, he did point out that it is also difficult to destroy 99% of the total SHIB Tokens due to some reasons.

In addition, he pointed out that burning is not the only way for SHIB to win. It is necessary to give memecoin practicality and ensure that it reaches a level where people no longer want to burn the Token through viral spread.

The price of Shiba Inu is 0.00003059 US dollars, which has pumped by about 13% in the past 24 hours. It is worth noting that the intraday high of Shiba Inu reached 0.00003146 US dollars, very close to the new high of 2024.


(Data Source: Scott Matherson)