- Shiba Inu holders have been eating good within the past months. There’s no doubt about what the token achieved within the past weeks.
- However, it seeks to add more accolades to its cabinet by burning more than 79 million SHIB tokens. The new burn is very positive for SHIB, as it increases massively in price.
The general outlook of the crypto market is very poor, to say the least. While some cryptocurrencies are doing very well fundamentally, it isn’t showing yet on their price. For instance, tokens like XRP saw their daily active addresses increase massively. However, it is not showing in the price. Then there comes Shiba Inu, which continues to do very well in the market. In fact, with the rate it is going, this token might as well win the crypto market for August. As said before, Shiba investors are eating good with the new market, so here comes the burn.
Outlook and Reason for the Shiba Inu Burn
- In the crypto market, there’s an activity that is very important for any crypto project. Especially if the project started as a meme coin, it must undergo this activity to become useful and valuable. The name of this activity is burning, and it is very simple to understand.
- Burning is the permanent removal of a token from the total supply of the cryptocurrency. The total supply of a cryptocurrency is the overall amount of tokens that will ever exist. For instance, Bitcoin has a total supply of 21 million. This means that it is only 21 million Bitcoins that will ever exist. Furthermore, the same thing applies to other cryptocurrencies.
- So Shiba Inu is steadily moving towards becoming an altcoin by burning some of its tokens. Burning these tokens will remove them permanently from the total supply. Apparently, they recently removed 79 Million SHIB tokens by burning them. In other words, these 79 tokens will forever be deleted from the ecosystem. However, it had an incredible impact on Shiba Inu’s price.
Impact of the SHIB Burn on the Price
- As said above, the first impact of the Shiba Inu burn is that the tokens will not exist anymore on the blockchain. It is like permanently deleting a file from your system.
- The second impact lies in SHIB price. In fact, this is the most important, as it gives an overall outlook of the whole ecosystem. SHIB price continues to increase despite the market getting filled up on reds. Among the reds, Shiba is the few greens. At the time of writing, SHIB increased by about 3.61% in the past 24 hours. Furthermore, there’s an increase of more than 18%. Moreover, the monthly increase is more than 36%.
In conclusion, the past weeks remain good for Shiba Inu as it continues its walk of fame. However, the ecosystem recently burned 79 Million tokens. Apparently, this made the price increase very much. On the other hand, this is precisely what the Shiba Inu community would love to see now and then.
79 Million?? That’s quite huge. I missed this.