In the last 24 hours, Shiba Inu, the widely popular meme coin, witnessed a remarkable increase in its burn rate, with 8,241,856,589 SHIB tokens incinerated in a single transaction.
The total Shiba Inu tokens burnt in this period reached 8,349,329,301, marking an astounding surge of over 7,686,774%.
— CoinEcho (@mycoinecho) December 5, 2023
Triggered Discussion Due To The Massive Burn Record
This surge in the burn rate has triggered discussions within the cryptocurrency community, especially among meme coin enthusiasts. The intentional burning of tokens is a strategic approach aimed at diminishing token supply, consequently boosting the network’s overall value.
The burn process unfolds in two essential phases: a manual stage that enables meticulous management through the official deployer wallet and an automated stage scheduled to commence in January 2024.
Despite experiencing a more than 10% gain the previous day, $SHIB has undergone a slight dip of just over 1% in the recent hours, currently valued at $0.00000909.
The potential for SHIB to revisit its all-time high becomes plausible if the reduction in SHIB floats continues at a swift pace.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.