Shiba Inu Community Burns 87M Coins This Week, What’s Next For SHIB?
Highlights
- Shiba Inu community has burned 87.17 million SHIB tokens in the last 7 days.
- Weekly Shib burn rate is up by 52.74% while there is a dip of 90.17% over the last 24 hours.
- SHIB price has increased by 1.33% in the last 24 hours.
The Shiba Inu community has burned a significant number of SHIB tokens in the last 7 days. The objective is to bring down the circulating supply to create scarcity and spike SHIB prices by leveraging the concept of demand supply. It is anticipated that prices of the second-ranked meme coin in terms of market cap will rebound in the coming days.
Shiba Inu Community Burns 87 Million SHIB
In the past week, the Shiba Inu community has burned as many as 87,175,135 SHIB tokens. This translates to 87.17 million tokens in the last 7 days with an increase of 52.74% in burn rate. The X post by Shibburn has further highlighted that the burn rate is down by 90.17% in the last 24 hours. A core objective here is to control the circulating supply of the meme coin to mark upticks in the prices. SHIB’s circulating supply now stands at 589.25 trillion.
As per an early report, Shib burn rate had declined by 72% in a single day. Thereby, triggering speculation over its impact on the price.
Effect on SHIB Price
SHIB prices, so far, have reacted positively to this development by marking an uptick of 1.33% over the last 24 hours. However, SHIB price remain significantly down by 9.52% in the last 7 days and 23.63% in the last 1 month. The 24-hour trading volume has also taken a hit of 10.29% while Open Interest has gained 31.32% of value. Overall sentiments towards SHIB are bearish with an FGI of 69 points and volatility of around 10.09%.
Removing tokens from circulating supply has worked in the past and Bitcoin is a prime example of it. BTC prices are now hovering above $90,000 months after Bitcoin Halving which happened in April 2024. Therefore, the Shiba Inu community is optimistic that the prices of its SHIB holdings will eventually navigate a way for a bull run.
What’s Next for the Shiba Inu Community?
Two factors are at play for the Shiba Inu community, namely drawing speculation for future SHIB prices and experiencing the launch of the TREAT token. SHIB prices, according to Coincodex, may grow by almost 0.52% to touch the value of $0.00002216 in the next 30 days. The nearest speculation is extremely bullish with a growth of 105.39% in the picture. It is important to note that the crypto market is highly volatile and price movements could go North or South at any moment.
Finally, the launch of the TREAT token is scheduled to happen on January 14, 2025. This has been teased as a revolutionary endeavor for the Shiba Inu ecosystem across the world.
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