The number of Shiba Inu token burns has skyrocketed, this is the impact on the price of SHIB!

Bittime - Rising meme coin, Shiba Inu (SHIB), recently recorded a dramatic increase in the number of burning tokens. SHIB's developer efforts mark a new chapter in the development of Dogecoin's competitor meme token.

What is Burning Token?

In the world of cryptocurrency, the term token burning or burning tokens is the process of removing tokens from circulation permanently. This process is done by sending tokens to a wallet address that cannot be accessed, so that the tokens can no longer be used or traded.

Token burning is often adopted by crypto developers as a way to control inflation and increase the value of the remaining tokens. By reducing supply, a steady or increasing demand can push up the price of the token, which is expected to provide benefits for token holders.

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Developer Commitment

This strategy also serves as a mechanism to demonstrate developers' commitment to their projects, by sacrificing a portion of the supply for long-term sustainability. Token burning can happen automatically as part of a crypto protocol, or done manually through community-hosted activities.

For example, in the case of Shiba Inu, the community actively participates in token burning to create scarcity and potential price appreciation. Token burning is one of the important aspects that attract the attention of investors and analysts in assessing the prospects of a cryptocurrency.

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SHIB Price Still Strong

Despite the overall crypto market downturn, SHIB showed impressive resilience with a promising recovery trend. This is the positive impact of burning Shiba's tokens.

According to recent data from Shibburn, SHIB's burning activity monitoring platform, there has been a 103.45% spike in token burns in the last 24 hours. A total of 34,681,610 SHIB tokens have been eliminated from circulation through four irreversible transactions, sending the tokens to an inaccessible wallet.

This token burning movement was triggered by the community as a strategy to reduce the number of tokens in circulation, in hopes of increasing the scarcity and potential value of SHIB.

Amid growing optimism in the crypto market, Lucie, SHIB's chief marketing officer, conveyed her positive outlook towards the future of this meme coin. In a released statement, Lucie expressed confidence that SHIB could potentially reach new highs, likely ahead of or after the Bitcoin supply cut event scheduled for late April.

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Shiba Inu Price Today

As of writing, Monday 25/03/2024, the price of SHIB is trading at $0.00002796 per token. Both the community and investors remain wary and hopeful of SHIB's return to the previous SHIB price peak of $0.00008845, reached in October 2021.

Source: Bittime

How to Buy Shiba Inu (SHIB) on Bittime

You can buy and sell Shiba Inu (SHIB) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

Shiba Inu (SHIB) is available on Bittime with the SHIB/USDT market pair. To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.

Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime.

Monitor the price chart movements of Shiba Inu (SHIB), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Shiba Inu Burn Token Makes Shiba Inu's Market Cap Soar Sharply

Dogecoin Vs Shiba Inu: Eye-Captivating Each Other

Should You Buy Shiba Inu (SHIB) in 2024?

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.