Shiba Inu Price Surges 20% in a Day Due to SHIB Burn: What You Need to Know

Shiba Inu, one of the most famous meme coins in the cryptocurrency world, has experienced a significant price surge in just one day. The value of the token has surged by 20% from yesterday, with the token now trading at $0.00002767 and a market cap of $16.29 billion after a 19% surge. This surge in price can be attributed to the recent SHIB Burn, which has reduced the total supply of the token by a substantial percentage.

The concept of a Shiba Inu burn involves burning a portion of the SHIB token supply in order to increase demand for the token by limiting its supply. This process does not involve physically burning the tokens, but rather sending them to a burner address or dead wallet with a lost private key, rendering the tokens irretrievable.

The recent SHIB burn has led to a surge in trading volume, with the value reaching $1.18 billion in just 24 hours. This demonstrates the impact that token burns can have on the demand for a cryptocurrency.

The first-ever SHIB burn took place in June 2021, and since then, the burn rate has increased significantly. In the last 24 hours alone, 392,376,654 SHIB tokens have been burned in 18 transactions, totaling 449,360,571 SHIB tokens burned in the past seven days.

The total supply of Shiba Inu now stands at 589,273,998,518,000 SHIB after the recent burn, creating scarcity for the meme coin and driving up demand. This ongoing process of burning tokens has become a significant event for Shiba Inu, as it aims to reduce its total supply and increase its value over time.

In conclusion, the Shiba Inu burn is a crucial aspect of the token’s growth strategy, as it aims to create scarcity and drive up demand for the cryptocurrency. With over 410 trillion tokens burned in the last three years, Shiba Inu continues on its path towards reaching $1 someday.