SHIB Circulating Supply Will Definitely Decrease, SHIB Member Says, But What About Price?

The official marketing expert of the Shiba Inu team, Lucie, has taken to X app (formerly known as Twitter) to post a quote from the SHIB paper ("The Genesis of the Shiba State," in particular) recently published by the Shiba Inu team.

"SHIB is and always will be our core. Our heartbeat, our collective rhythm resonates in one token: SHIB."

$SHIB IS, AND ALWAYS WILL BE, OUR
CORE

Our heartbeat, our collective rhythm, resonates in one token:$SHIB .

With thousands of retailers worldwide that accept Shib, and it's current top 15 rank, while being up 15 MILLION percent as of the drafting of this charter in it's… pic.twitter.com/m0NfV2cTP3

— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) August 30, 2023

The SHIB paper claims that with the thousands of retailers who accept SHIB around the world and its 15th market cap ranking, it is being solidified as "one of the greatest currencies in the history of mankind."

The document also promises that the deflationary nature of the Shiba Inu token will ensure its circulating supply will decrease in the near future, speaking about massive amounts of SHIB that will be burned thanks to the launch of Layer 2 solution Shibarium. Part of the gas fees paid in BONE will be set aside by the team to be converted into SHIB tokens and burned later on. This way, trillions of SHIB are expected to be locked in dead-end wallets in the near future, thus greatly reducing the supply in circulation.

However, the document continues that "this system does not ensure its value will increase," even though a tremendous reduction of the circulating supply means in theory that the token will become more scarce and its price may rise. The SHIB team does not provide any guarantees, though, that this will happen for sure.

Here's how much SHIB has been burned since Tuesday

According to the data shared by the Shibburn platform, over the span of the past 24 hours, the SHIB community has managed to get rid of 31,985,791 Shiba Inu meme coins. This is significantly less than was burned the day before; therefore, the burn rate went down approximately 72%.

The overall amount of burn transactions this time was only six, and the largest transaction did not exceed 10,963,688 SHIB.

Shibarium metrics show substantial boost

Shibarium, which was relaunched to the public earlier this week, continues to grow at a fast pace, astonishing the SHIB community. Within the past 24 hours, several of its metrics have surged. The total count of transactions surged from 440,048 to 524,322 daily transfers on Shibarium, according to the Shibarium Explorer.

As for the total amount of connected wallet addresses, it has jumped from 101,545, smashing the 306,177 milestone merely within the last 24 hours. The total number of blocks on Shibarium stands at 368,576 at the time of this writing.

Shiba Inu is exchanging hands at $0.000008254, showing a 2.37% rise over the last 24 hours.