The Shiba Inu, affectionately known as SHIB, appears to be showing signs of a comeback. After a season of apparent calm, many investors’ favorite memecoin saw notable action that could indicate changes in the scenario.
In recent days, while many were busy watching other crypto assets, Shiba Inu experienced a substantial burn. To be more exact, SHIB’s burning rate experienced a remarkable jump of over 200% in just 24 hours. Not bad, right?
Diving a little deeper into the details, around 53 million SHIB tokens were sent to an inaccessible address. For those new to crypto, this means that these tokens will no longer enter circulation, making the remaining tokens potentially more valuable. Considering the maximum total supply of Shiba Inu – a dizzying number of nearly a quadrillion – this burn represents a significant chunk. And a curious fact is that more than 41% of the total SHIB tokens have already been “burned”, or removed from circulation.
But back to SHIB, despite the considerable increase in burn rate, the token’s price increased modestly, with a 1.5% growth in 24 hours and an accumulation of less than 3% throughout the week. However, it’s worth keeping an eye on Shibarium, Shiba Inu’s layer 2 blockchain solution. Since its debut in August, Shibarium has reached several milestones, showing that SHIB’s potential is far from exhausted.
At the time of publication, the price of SHIB was quoted at US$0.00000700, down 3.4% in the last 24 hours.
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