Shiba Inu, often dubbed the “Dogecoin Killer, is currently experiencing a rough patch. Despite being one of the more popular meme coins, its price has fallen under the price barrier of $0.000013. The coin has had its notable surges in the past, and the ultimate dream for SHIB holders is for it to reach $0.01.
One of the big phenomena around the SHIB community is the process of burning the coin. Burning Shiba Inu tokens increases the demand and value of the remaining supply of SHIB, which has raised its price. In the last 48 hours, several SHIB burns have taken place. In just the past day alone, the Dogecoin Killer has burned around 12 million coins.
Shibburn data noted a rise of 451.06% in the past 24 hours as 12.2 million coins were removed from the system. One transaction with 2.6 million coins was recorded overnight, while two other transactions burnt 7.3 million and 2.01 million coins respectively.
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Will Latest Burns Pump Shiba Inu?
While SHIB is in a strong consolidation phase, these burns are helping bring light to the token’s immediate future. After a significant price crash in late August, the token is slowly coming back around, thanks to whale movements and these burns. Furthermore, the SHIB community is basking in new updates and hype. Currently, the token’s ecosystem is brewing novel developments to lure new users into the system.
For instance, SHIB will soon be launching SHIB Marketplace, SHIB socials, and SHIB DeFi to establish a holistic web3 experience in the play. This may usher in new investors to interact with, with prospects of SHIB spiking to new unprecedented levels. The SHIB ecosystem has also introduced ShibTorch, a nuanced burning mechanism, which will help stabilize SHIB prices in the long term.
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The price of Shiba Inu is very sensitive right now, and holders are hoping for a spark thanks to these large-scale SHIB burns. The Dogecoin killer hasn’t committed its nickname-sake yet, but popularity remains high for the asset even in a bearish period.
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