 ▲ Shiba Inu (SHIB) |
The Shiba Inu (SHIB) community is going all out to reduce market supply by burning millions of tokens daily in an effort to control circulation.
According to cryptocurrency media outlet U.Today on February 11 (local time), the Shiba Inu community carried out a large-scale token burn over the past 24 hours, continuing its efforts to increase the asset’s scarcity. The burn is part of a long-term project aimed at permanently removing circulating supply from the network to enhance value.
Shibburn, a platform that tracks Shiba Inu burn data, announced that a total of 3,564,772 SHIB were sent to burn addresses over the past day, permanently removing them from circulation. The burn activity was executed through multiple individual transactions and driven by voluntary participation from community members worldwide, known as the SHIB Army. Although the burn rate fluctuates depending on market conditions, the community’s commitment to reducing supply remains firm.
To date, approximately 410,730,735,767,112 SHIB have been burned out of the initial supply of one quadrillion tokens. Despite the large-scale burns, about 589,261,388,579,726 SHIB remain in circulation, still representing an astronomical amount. Of the circulating supply, roughly 5,826,275,653,161 SHIB are deposited in staking services and are effectively excluded from immediate selling pressure.
Shiba Inu is currently trading around $0.00002598 as it searches for market direction. Experts note that while the ongoing burn activity demonstrates strong community solidarity, the scale of burns remains relatively small compared to the total circulating supply. For the price to chart a meaningful upward trend, significantly larger burns or tangible demand growth driven by ecosystem expansion will likely need to accompany these efforts.
In addition to token burns, the Shiba Inu ecosystem is focusing on maximizing the utility of its proprietary Layer-2 network, Shibarium, to expand overall utility. As a mechanism that allocates a portion of network transaction fees to token burns becomes fully operational, the level of Shibarium’s activity is expected to become a key variable determining the pace at which SHIB’s circulating supply declines.
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