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Recent data from blockchain tracking platform Shibburn reveals that Shiba Inu (SHIB), a popular dog-themed meme coin, has burnt about 146 million tokens in its quest to retain its position in the top 10 cryptocurrencies by market capitalization.
SHIB token burns: Strategic move
Shibburn shows that Shiba Inu has burnt 146,270,727 tokens within the last 24 hours alone. This substantial reduction in token supply marks a strategic move by the SHIB community to enhance the scarcity of the meme coin and increase its value.
The majority of this burn occurred in a single transaction when 100,877,615 SHIB were intentionally sent to the dead wallet, thereby removing it from circulation. Following closely behind were transactions of 3,682,838 SHIB and 1,183,369 SHIB, constituting the second and third largest burns, respectively.
As a result, the total amount of tokens burnt from the initial supply now stands at 410,709,332,962,061. This substantial reduction in circulating supply comes on the heels of recent reports indicating the disposal of over 177 million SHIB meme coins. Such deliberate token burns contribute to deflationary pressure on SHIB, making each remaining token more valuable over time.
Shiba Inu's current market position
Currently occupying 10th place, SHIB has displaced Avalanche (AVAX) and boasts a market capitalization of $19 billion. This achievement marks a key milestone for the dog-themed token, especially considering its recent struggle to break through the $0.00001 resistance level.
At the time of writing, SHIB is trading at $0.00003151, reflecting a remarkable surge of 128% over the past seven days. This bullish momentum can be attributed to several factors, chief among them being the general hype on the mainstream market fueled by Bitcoin's surge to an all-time high.
Additionally, the anticipation surrounding updates to the Shiba Inu ecosystem, as teased by Shytoshi Kusama, has contributed to investor optimism.