- Shiba Inu’s token burn rate jumped 250%, removing 53 million SHIB tokens and reducing its total supply.
- The goal is to increase SHIB’s scarcity and value; similarly, Binance burned $450 million of BNB tokens.
- Despite the burn, SHIB’s price showed minor gains, but its blockchain solution, Shibarium, might boost its value further.
The Latest Spike
After several days of recording insignificant figures, the popular memecoin Shiba Inu finally witnessed a considerable amount of assets removed from its total circulating supply. According to the latest data, the burning rate soared to approximately 250% for the past 24 hours.
Specifically, the project sent over 53 million SHIB tokens to an address nobody could access. The maximum total supply of Shiba Inu is 999,982,697,981,254, and over 41% of those have already been destroyed.
The program aims to make SHIB more scarce and potentially more valuable in time. The memecoin is not the only crypto project to have adopted such a mechanism. Earlier today (October 16), the world’s largest cryptocurrency exchange – Binance – announced the burning of over $450 million worth of BNB tokens.
Is it Time for a SHIB Rally?
The successful execution of Shiba Inu’s burning program has been touted as one of the factors that could trigger a SHIB price increase. However, the coin has been a mere 1.5% up for the past 24 hours and gained less than 3% in the last week.
Another element that could propel a rally is the further development of Shiba Inu’s layer-2 blockchain solution – Shibarium. The network saw the light of day at the end of August and managed to blast through several milestones in the following months. Those curious to find out more about it can watch our special video: