The Shiba Inu community has burned a significant amount of SHIB tokens in the last week. This initiative aims to create scarcity by reducing the circulating supply, ultimately increasing SHIB prices. As a meme coin ranked second, SHIB’s market capitalization is expected to recover in the coming days.
Shiba Inu Community Burns 87 Million SHIB
Over the past week, the Shiba Inu community burned a total of 87,175,135 SHIB tokens. This indicates a 52.74% increase in the burn rate, as 87.17 million tokens were burned in the last seven days. A post on Shibburn’s X platform noted a 90.17% decrease in the burn rate over the last 24 hours. The primary objective of this initiative is to control the circulating supply of the meme coin and facilitate price increases. Currently, the circulating supply of SHIB stands at 589.25 trillion.
Impact on SHIB Prices
So far, SHIB prices have reacted positively to this development, showing a 1.33% increase in the last 24 hours. However, SHIB prices have experienced a decline of 9.52% over the past week and 23.63% in the last month. The 24-hour trading volume decreased by 10.29%, while Open Interest rose by 31.32%. Overall sentiment toward SHIB appears to be bearish, with an FGI score of 69 and volatility at approximately 10.09%.
Next Steps for the Shiba Inu Community
Two factors are influential for the Shiba Inu community: speculation about future SHIB prices and the launch of the TREAT token. According to Coincodex, SHIB prices could reach approximately $0.00002216 in the next 30 days with an expected increase of about 0.52%. The nearest speculation predicts a growth of 105.39%. Given the high volatility of the cryptocurrency market, it is crucial to remember that price movements can rise or fall at any moment.
Finally, the launch of the TREAT token is scheduled for January 14, 2025. This step has been promoted as a groundbreaking initiative for the Shiba Inu ecosystem globally.
The burning operations carried out by the Shiba Inu community aim to create scarcity, targeting price increases. Similar strategies implemented in the past, such as those used by Bitcoin 
$94,652, suggest that these burn operations could positively impact SHIB prices. However, due to the inherent volatility of the cryptocurrency market, it is essential for participants to proceed with caution.
