Meme coin Shiba Inu (CRYPTO: SHIB) has seen a massive 7,400% increase in its weekly burn rate, with around 2 billion tokens being destroyed. This significant development has sparked renewed optimism about SHIB's price potential.
Official tracker Shibburn reported a 7,418% surge in the SHIB weekly burn on Saturday. This followed the removal of 1.93 billion coins from the meme token's market supply.
The total supply of the meme coin stood at 589.26 trillion tokens at the time of reporting.
— Shibburn (@shibburn) November 30, 2024
HOURLY SHIB UPDATE$SHIB Price: $0.00002606 (1hr 1.43% ▲ | 24hr 2.75% ▲ )
Market Cap: $15,320,425,456 (2.60% ▲)
Total Supply: 589,260,637,458,704
TOKENS BURNT
Past 24Hrs: 1,453,983,861 (486.31% ▲)
Past 7 Days: 1,768,449,634 (806.66% ▲)
The token burn mechanism of the meme coin helps in reducing the asset's excessive market supply by transferring it to a null address.
These tokens can never be retrieved, thus significantly reducing the crypto's supply. This action is expected to have a bullish effect on the asset's price, reflecting the law of supply and demand.
Also Read: Whopping $33.8 Million Worth Of Dogecoin Shifted To Robinhood — And People Suspect This Person Could Be Behind It
Kaaldhairya, a Shiba Inu executive, seems to have played a significant role in the burn rate surge. Kaal disclosed on November 30 that the ecosystem's semi/auto burns have been operational for months, burning over 300M tokens to date. The executive also said, "I just burned 80M+ SHIB a few minutes ago and enjoyed the cool animation at the end."
Before you start spreading misinformation, maybe do some research. The semi/auto burns have been working for months, burning over 300M+ SHIB—in fact, I just burned 80M+ SHIB a few minutes ago and enjoyed the cool animation at the end. Soon, the burn will go into maintenance to... pic.twitter.com/qYF4cJfu1R
— Kaal (@kaaldhairya) November 29, 2024
In addition, Kaaldhairya announced that the recent maintenance on Shibarium is complete and that the bridge is now fully functional. This development has further strengthened the meme coin's leading position in the broader sector.
Kaaldhairya also revealed that the team is "still working on upgrades for the burn contracts," sparking further discussions over future price movements.
At the time of reporting, the SHIB price traded at $0.00002593, down slightly by 0.06%. The monthly chart for the coin shows a 39% increase, highlighting optimism in the wake of the SHIB burn surge and community advancements.
Meanwhile, increasing Shiba Inu whale accumulations have added to market optimism surrounding the coin's price action ahead. According to a report, a major whale to have continued acquiring the token amid a bull market.
Crypto market participants continue to monitor the meme-themed coin for further price action shifts in light of optimistic statistics.
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