Shiba Inu Burns 18.7M Tokens, Price Stays Stable
Key Takeaways
The Shiba Inu (SHIB) community has once again burned a large number of tokens. A total of 18.7 million SHIB tokens have been removed from circulation. Despite this measure, the cryptocurrency’s price remains largely stable.
What Does Token Burning Mean?
Token burning involves permanently removing coins from circulation to reduce the total supply. This is often done in the hope of increasing the value of the remaining tokens. In the past, such measures have led to price increases for various cryptocurrencies.
Why Is the SHIB Price Stable?
Although 18.7 million SHIB tokens were burned, this has had no noticeable impact on the price. The reason: The total supply of Shiba Inu is enormous. Even after multiple burning actions, hundreds of trillions of tokens are still in circulation. Such a small percentage of burned coins is not enough to trigger a significant price movement.
Community Reactions
The Shiba Inu community remains optimistic despite the lack of a price reaction. Many supporters are betting on long-term price increases, especially through further burning mechanisms and new developments in the Shiba Inu ecosystem.
Our Assessment
The latest token burning demonstrates the Shiba Inu community’s commitment to reducing supply. However, the effect on the price is currently barely noticeable. A sustainable price increase would require significantly larger amounts of burned tokens. Investors should be aware that the SHIB price is influenced by many other factors, including market sentiment and overall crypto trends.
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| Symbol | DOGE |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $0.19 |
| 24h % | 2.09 % |
| 7d % | 14.48 % |
| 30d % | -21.19 % |
| 60d % | -46.79 % |
| 1y % | 5.74 % |
| Market Cap | $28,296,465,681.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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