Community-driven initiatives like SHIB Torch have fueled a dramatic spike in Shiba Inu (SHIB) token burns, contributing to a 14.92% weekly increase in removed tokens. Over the past day, SHIB’s burn rate skyrocketed by 1,500%, with 30,156,987 SHIB permanently taken out of circulation.
Understanding SHIB Token Burns
The burn process involves sending SHIB tokens to an inaccessible address, effectively eliminating them from the market. According to Shibburn data, this recent surge significantly outpaced the previous week’s burn rate, which removed 142,062,714 SHIB in total.
Token burning is a strategic move used by cryptocurrency projects to:
- Reduce supply
- Increase scarcity
- Potentially boost long-term value
For Shiba Inu, this practice aligns with the community’s efforts to enhance the token’s economic model.
Key Factors Driving the Burn Rate
- SHIB Torch Initiative:
A dedicated burning platform developed by the Shiba Inu Core Team, SHIB Torch has burned 547,791,530 SHIB—a 14.92% weekly increase. Whale Activity:
Large holders (whales) moved 719 billion SHIB out of exchanges in the last 24 hours. Data from IntoTheBlock suggests this could indicate either:- Profit-taking during market volatility
- Withdrawals for long-term holding
👉 Explore how token burns impact crypto markets
Market Performance of SHIB
At press time, SHIB traded at $0.00001474, reflecting:
- A 2.50% daily gain
- A 42.45% yearly increase
While whale sell-offs can create short-term price dips, SHIB’s strong community engagement and burning mechanisms may counterbalance downward pressure.
FAQs
Q: Why does Shiba Inu burn tokens?
A: Burning reduces SHIB’s circulating supply, aiming to increase scarcity and potential value over time.
Q: What is SHIB Torch?
A: A platform created by the Shiba Inu Core Team to accelerate token burns and support SHIB’s deflationary model.
Q: How do whale movements affect SHIB’s price?
A: Large sell-offs may cause temporary dips, but long-term trends depend on broader adoption and utility.
👉 Learn more about crypto tokenomics
For now, the Shiba Inu ecosystem remains one of the most active in the meme coin space, with burns and community initiatives driving its evolution.
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