{"id":653493,"date":"2024-11-17T10:00:44","date_gmt":"2024-11-17T10:00:44","guid":{"rendered":"https:\/\/wncen.com\/?p=653493"},"modified":"2024-11-16T14:50:43","modified_gmt":"2024-11-16T14:50:43","slug":"shiba-inu-on-fire-with-over-410-trillion-tokens-destroyed-amid-burn-rate-growth","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-on-fire-with-over-410-trillion-tokens-destroyed-amid-burn-rate-growth\/","title":{"rendered":"Shiba Inu On Fire With Over 410 Trillion Tokens Destroyed Amid Burn Rate Growth"},"content":{"rendered":"

Shiba Inu (SHIB) is garnering attention once more due to a significant rise in its burn rate. Recent statistics indicate a 115% increase in the burn rate, with more than 16.1 million SHIB tokens incinerated in a single week.<\/p>\n

This increase is noteworthy since it diminishes the circulating supply of SHIB, potentially exerting upward pressure on its price if demand remains constant or escalates.<\/p>\n

Related Reading: Bitcoin To $800K? Galaxy Digital CEO Unveils Bold 5-10 Year Forecast<\/a><\/div>\n

A Community-Led Initiative<\/h2>\n

The current increase in SHIB’s burn rate is mostly propelled by community efforts to augment the token’s worth. Advocates have united to endorse multiple burn events, transferring tokens to inactive wallets and thereby eliminating them from circulation.<\/p>\n

The total amount of SHIB burned since the year started is a whopping 410 trillion tokens<\/a>, proving the community’s will to reduce supply and improve scarcity.<\/p>\n

\"\"
Source: Shibburn<\/a><\/figcaption><\/figure>\n

This milestone corresponds with overarching economic principles: when supply decreases and demand remains stable or increases, the likelihood of price appreciation escalates. The Shiba Inu community asserts that these initiatives would enhance SHIB’s market standing and draw new investors seeking opportunities in the cryptocurrency<\/a> sector.<\/p>\n

Market Reaction And Price Fluctuations<\/h2>\n

As a result, the price of SHIB rose following news of this increased burn rate<\/a>. The value of the token jumped by 27% to around $0.00002753, levels that hadn’t been witnessed for months. A good sign of the state of the market mood among investors is the community’s proactively managed supply strategy.<\/p>\n

\n

$SHIB<\/a> is repeating history, and you know what that means\u2026<\/p>\n

The parabolic phase is coming! \ud83d\udcc8<\/p>\n

Are you ready for some gains? \ud83d\ude80
\n#SHIB<\/a> #Crypto<\/a> pic.twitter.com\/C0rNQ2faL4<\/a><\/p>\n

\u2014 SHIB Bezos (@BezosCrypto) November 14, 2024<\/a><\/p><\/blockquote>\n

Additionally, whales in this context have actually been driving this positive sentiment. Major SHIB holders have undertaken large burn transactions, which have then diluted the circulating supply and challenged the community. The bigger whales are going to nudge participation in the market from other, smaller investors with their increased activity in the coin.<\/p>\n

\"\"<\/p>\n

Related Reading: Solana Rising: Key Metrics Hint At Serious Ethereum Competitor<\/a><\/div>\n

Positive Outlook For Shiba Inu<\/h3>\n

As Shiba Inu progresses, numerous analysts express optimism regarding its potential price fluctuations. Due to heightened burning, enhanced community involvement, and favorable market mood, SHIB may be poised for a substantial gain. Certain analysts forecast that, should prevailing trends continue, SHIB may see price escalations of up to 80% in the near future.<\/p>\n

\"\"
SHIB market cap currently at $14.5 billion. Chart: TradingView.com<\/a><\/figcaption><\/figure>\n

At the same time, the Shiba Inu ecosystem will continue to mature with new upcoming projects. These developments<\/a> should further strengthen user engagement and the overall value proposition of SHIB, even in a competitive marketplace.<\/span><\/span><\/p>\n

With a new high in the burn rate of Shiba Inu, this is more than just a good development for its community and investors; it means that by actively burning its supplies and encouraging participation, SHIB might strategically be well-positioned to grow as it continues navigating the evolving cryptocurrency landscape.<\/p>\n

Featured image from Dall-E, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Shiba Inu (SHIB) is garnering attention once more due to a significant rise in its burn rate. Recent statistics indicate a 115% increase in the burn rate, with more than 16.1 million SHIB tokens incinerated in a single week. This increase is noteworthy since it diminishes the circulating supply of SHIB, potentially exerting upward pressure on its price if demand remains constant or escalates. Related Reading: Bitcoin To $800K? Galaxy Digital CEO Unveils Bold 5-10 Year Forecast A Community-Led Initiative The current increase in SHIB’s burn rate is mostly propelled by community efforts to augment the token’s worth. Advocates have united to endorse multiple burn events, transferring tokens to inactive wallets and thereby eliminating them from circulation. The total amount of SHIB burned since the year started is a whopping 410 trillion tokens, proving the community’s will to reduce supply and improve scarcity. This milestone corresponds with overarching economic principles: when supply decreases and demand remains stable or increases, the likelihood of price appreciation escalates. The Shiba Inu community asserts that these initiatives would enhance SHIB’s market standing and draw new investors seeking opportunities in the cryptocurrency sector. Market Reaction And Price Fluctuations As a result, the price of SHIB rose following news of this increased burn rate. The value of the token jumped by 27% to around $0.00002753, levels that hadn’t been witnessed for months. A good sign of the state of the market mood among investors is the community’s proactively managed supply strategy. $SHIB is repeating history, and you know what that means\u2026 The parabolic phase is coming! \ud83d\udcc8 Are you ready for some gains? \ud83d\ude80 #SHIB #Crypto pic.twitter.com\/C0rNQ2faL4 \u2014 SHIB Bezos (@BezosCrypto) November 14, 2024 Additionally, whales in this context have actually been driving this positive sentiment. Major SHIB holders have undertaken large burn transactions, which have then diluted the circulating supply and challenged the community. The bigger whales are going to nudge participation in the market from other, smaller investors with their increased activity in the coin. Related Reading: Solana Rising: Key Metrics Hint At Serious Ethereum Competitor Positive Outlook For Shiba Inu As Shiba Inu progresses, numerous analysts express optimism regarding its potential price fluctuations. Due to heightened burning, enhanced community involvement, and favorable market mood, SHIB may be poised for a substantial gain. Certain analysts forecast that, should prevailing trends continue, SHIB may see price escalations of up to 80% in the near future. At the same time, the Shiba Inu ecosystem will continue to mature with new upcoming projects. These developments should further strengthen user engagement and the overall value proposition of SHIB, even in a competitive marketplace. With a new high in the burn rate of Shiba Inu, this is more than just a good development for its community and investors; it means that by actively burning its supplies and encouraging participation, SHIB might strategically be well-positioned to grow as it continues navigating the evolving cryptocurrency landscape. Featured image from Dall-E, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":653500,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,88164,83668,83667,87680,88130],"class_list":["post-653493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-memecoins","tag-shib","tag-shiba-inu","tag-shibarium","tag-shibburn"],"acf":[],"yoast_head":"\nShiba Inu On Fire With Over 410 Trillion Tokens Destroyed Amid Burn Rate Growth<\/title>\n<meta name=\"description\" content=\"Shiba Inu (SHIB) is garnering attention once more due to a significant rise in its burn rate. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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