Shiba Inu (SHIB) investors are trying to reignite the remarkable price increase in 2021. This time, the meme token is aiming to leverage the power of an intense token burn to increase investor sensitivity. According to Shibburn.com, 56,163,173 SHIB tokens have been burned in the last 24 hours. This surge in token burns represents a visible increase of 101.20%.
This increase in burning activity coincides with the accumulation of SHIB tokens by whales. According to a post by IntotheBlock, SHIB has a whale concentration of 63%. This significant token burn has been orchestrated by at least two different addresses, with large amounts of SHIB tokens being sent to the burn wallet.
How Much is Shiba Worth?
Burning refers to the deliberate removal of tokens from circulation. The burning process is irreversible and is typically carried out by sending the tokens to a dead and inaccessible wallet. This deflationary model reduces the total token supply and creates token scarcity. This, in turn, can potentially increase the token’s value.
Although the immediate impact may seem small, in the long run, it may increase the likelihood of a potential price increase for SHIB. This could mean that the gradual reduction in circulating supply could pave the way for a stable upward trend in price.
According to data from 21milyon.com, SHIB showed some positive price indications earlier today with a slight increase. However, it then dropped again and is currently trading at $0.0000074, a 0.15% decrease in the last 24 hours.
The Future of Shiba Coin
Shiba Inu seems to be gaining significant momentum recently. Despite the initial negative outcome of Shibarium’s launch, it received a positive response from the community after its relaunch and garnered attention by surpassing 2.5 million transactions and over 1.1 million wallets in the weeks following the launch.
This positive response can be considered as support. It may give Shiba Inu a better chance to compete and gain adoption in a market dominated by established networks such as Bitcoin (BTC) and Ethereum (ETH).
Meanwhile, a member of the Shiba Inu development team has also carried out Shibarium initiatives that could help increase the price of SHIB. Specifically, the burn aspect of the Shiba Inu layer-2 scaling solution could play a significant role in SHIB price increases. The key point here is when it will happen.
