The Shiba Inu community has been committed to controlling the total supply of SHIB in the market to prevent oversaturation and they have continued to burn large amounts of SHIB tokens. A recent burn saw over 27 million SHIB tokens burned in the past 24 hours.
The token-burning mechanism remains one of the significant measures to control the token supply of a cryptocurrency. Also, it helps to strengthen the value or price of a crypto asset by controlling the amount in circulation.
Shiba Inu Community Committed To SHIB Burning
Shibburn reported that 27,613,608 SHIB tokens were burned in the past 24 hours. The Twitter post revealed that the burning occurred through 10 transactions from different wallets.
Related Reading: Quant Points Out Curious Relationship Between USDT Inflows & Bitcoin Price
The burn tracker disclosed that the biggest burn transaction within the period came from an anonymous wallet. The wallet moved about 14,371,980 SHIB coins to the Shiba dead wallet through a single transaction. But even with the considerable token burn, the cumulative burn rate for Shiba Inu dropped by 96.34% within the last 24 hours.
Over the past seven days, the SHIB Army recorded up to 1.78 billion SHIB tokens burned through several transactions from different wallets. The largest single-burn transaction came from a newly launched Koyo (KYO) token.
The KYO wallet sent over 758.95 million SHIB coins to the burn address. Since March 10, Koyo has significantly contributed to burning SHIB tokens, burning a total of 5.36 billion so far.
Notably, a Japan-based leading crypto exchange, BitFlyer, has supported Shiba Inu following its recent token burn performance. The exchange launched a lottery that will reward 20 lucky winners and each winner will get SHIB tokens worth 10,000 Japanese Yen.
SHIB Price Performance
At the time of writing, Shiba Inu is trading at $0.00001072, indicating an increase of about 1.32% over the past 24 hours. Its market cap is currently at $6.32 billion and depicts a 0.6% loss in the same time frame.
The price performance of SHIB has been on the swing over the past six months. According to data from CoinMarketCap, SHIB closed at $0.000009341 on November 30, 2022, and on average, the token’s price kept dropping throughout December last year.
As of December 15, SHIB closed at $0.000008858 after plummeting by over 5% from its opening value at the beginning of the month. At the end of 2022, the token closed at $.000008087, a further decline in its value.
Related Reading: Bitcoin Whale Activity Reaches Highest Weekly Levels Of 2023
However, the beginning of 2023 brought an impressive change for Shiba Inu. By the end of January, the price of SHIB surged by more than 46% over one month. This pushed the SHIB to 0.00001181 by the end of January 31.
Featured image from Pixabay and chart from Tradingview.com
Source: Read Full Article