- 47.9 million SHIB worth $330 burned across 23 transactions.
- Burns reduce supply but haven’t noticeably impacted SHIB price yet.
- SHIB team focused on adoption to build utility and demand.
According to data from burn tracker Shiburn, the burn rate for popular meme coin Shiba Inu (SHIB) jumped nearly 260% in just 24 hours after large transactions removed almost 48 million tokens from circulation.
A total of 47,950,727 SHIB, worth around $330, were burned across 23 transactions in the 24-hour period. While negligible compared to total supply, it represents a major spike versus previous days.
In the past 24 hours, there have been a total of 47,950,727 $SHIB tokens burned and 23 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/3IWGlYvjGO
— Shibburn (@shibburn) October 16, 2023
The SHIB community actively burns coins by sending them to dead wallet addresses to reduce circulating supply. In theory, this could boost prices if coupled with rising demand.
So Far, Limited Price Impact
Despite ongoing burn initiatives, SHIB’s price has yet to see a significant boost from the reduced token availability.
Nonetheless, some analysts believe burns could contribute to price rises long-term as adoption expands. The SHIB team continues striking partnerships to increase utility and use cases.
For example, Swiss luxury watchmaker TAG Heuer now accepts SHIB as payment. Meanwhile, HSBC customers can pay loans and mortgages in SHIB via crypto payment processor FCF Pay.
Wider Adoption Remains Key
While token burns help marginally decrease supply, meaningful SHIB price growth likely depends on accelerating mainstream adoption.
If the meme coin can build utility and acceptance globally, then future burns combined with higher demand could potentially move the needle. But for now, the impact remains minimal.
The Shiba Inu community maintains its commitment to reducing supply through burns. This massive single-day jump in the burn rate highlights that ongoing dedication.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.