The Shiba Inu community has made headlines this week as they incinerated a substantial number of SHIB tokens, aiming to increase the coin’s value through scarcity. This strategic move seeks to enhance SHIB’s market capitalization, which has shown signs of recovery following recent market fluctuations.
How Many SHIB Tokens Were Burned?
In a remarkable effort, the community burned 87,175,135 SHIB tokens over the past week, marking a 52.74% surge in the burn rate. Despite a notable decrease of 90.17% in the last 24 hours, this initiative aims to control the supply of SHIB, currently standing at a staggering 589.25 trillion tokens.
What Effects Are Observed on SHIB Prices?
Following the burning activities, SHIB’s price has seen a modest uptick of 1.33% within the last day. Nevertheless, the coin’s value has dropped by 9.52% over the week and 23.63% in the past month. While trading volume has dipped by 10.29%, there has been a notable rise in Open Interest by 31.32%. The overall market sentiment remains bearish, with a Fear and Greed Index score of 69.
Key insights from the community’s burning initiative include:
- 87.17 million SHIB tokens were burned last week.
- Current SHIB supply stands at 589.25 trillion.
- SHIB prices have dropped 23.63% over the past month.
- Upcoming TREAT token launch is set for January 14, 2025.
Looking ahead, speculation regarding SHIB’s future pricing and the launch of the TREAT token are critical factors. Experts predict that SHIB could reach around $0.00002216 in the next month, with an anticipated growth of 0.52%. As the TREAT token is set to debut in early 2025, the community remains optimistic about its potential impact on the ecosystem.
