According to Shibburn, the burning rate of Shiba Inu has increased by 2713%, resulting in an irreversible loss of 4,764,442 meme coins in the last 24 hours. A total of 50,786,799 SHIB has been destroyed over the week, and the total amount of burned tokens has reached 410,752,702,962,590 from the initial supply.
According to Shibburn, up to 585,222,978,676,647 meme tokens are still in circulation.
Currently, SHIB is trading at $0.00001000, which is 0.89% higher than the previous day.
In other words, the latest token burn did not have a significant impact on SHIB. Generally, a reduction in supply combined with stable or increasing demand should lead to an increase in the asset's value. Cryptocurrency enthusiasts are still hoping that Shiba Inu will drop a few zeros and reach a new all-time high.
Certain events in the ecosystem are expected to act as catalysts and influence the price dynamics of this digital asset. For example, the second-layer scaling solution Shibarium is working on returning $4 million to victims and restarting its Ethereum bridge. Ultimately, these events could lead to a new all-time high for SHIB.