Popular meme coin Shiba Inu continues to grow stronger in the crypto space, and recent data shows that the coin’s value has increased by 5% in the last 24 hours following the current token burns.
Additionally, Shibburn announced on their official Twitter page that 186,565,061 $SHIB were out of circulation at a burn rate of -83.89% just 24 hours ago.
Shiba Inu Burning Mechanism
The Shiba Inu community aims to make SHIB one of the most valuable currency in the crypto market and have recognised that burning the token is one of the best ways to reduce the circulation of SHIB.
This is no surprise as ShibaBurn created a new record of burning 1 billion SHIB in one huge transaction.
Burning simply means transferring the currency to an address that anyone cannot use or access. One may wonder why Shiba Inu holders are burning their coins. In basic economic theory, when there is too much money in circulation, the price value of the currency reduces because the supply has increased. Nevertheless, for a coin to retain or grow its value, the circulation of that coin must decrease, making it a scarce commodity.
With the recent massive burning of the token, Shiba Inu is slowly recovering from the current price drop and has now become a coin to watch out for even as it is recording an upward movement in price.
Adoption of Shiba Inu Burns
Shiba Inu burn feature has also been adopted by several platforms globally. Earlier in the week, the popular payment processing platform NOWPayments revealed that it had introduced SHIB and LEASH burning.
NOWPayments has excited the Shiba Inu community after introducing a new token burning mechanism. The SHIBArmy can now burn its token profit using the burn option on the crypto payment platform.
With this new development, the Shiba Inu is expected to experience a big move in the crypto market compared to other meme coins. In recent news, different payment platforms like Flexa and BitPay have included the SHIB coin as part of the cryptocurrencies that can be used for payment, making it one of the most sought after crypto coins.
It might be too early to see what the future holds for Shiba Inu and cryptocurrency in general. However, the recent signs have shown that there is a lot to anticipate, even as the coin’s value is appreciating due to the massive token burns by SHIB holders.