Shiba Inu’s Burning Question: Can Less Supply Drive Up Demand?

• 7M+ SHIB tokens burned daily, reducing supply.
• SHIB price stable at $0.00002164 despite fluctuations.
• SHIB community anticipates burn impact on token’s future.

Shiba Inu, the popular meme coin, continues to make headlines due to fluctuations in its circulating supply.

Over the past 24 hours, a total of 7,104,164 SHIB tokens have been sent to dead wallets across eight transactions. Compared to the previous 24-hour period, this burn rate is a substantial decrease, during which over 11 million tokens were burned. Despite the drop, the seven-day trend shows a notable increase in tokens burned, with 272,146,012 SHIB tokens removed, signifying a 550.8% surge.

The leading dog-themed token utilizes a burning mechanism to reduce the total number of tokens in circulation, potentially driving the price up. SHIB is currently trading at $0.00002164, showing a marginal dip of 0.41% in the past hour and 1.84% over the last 24 hours. The token’s market capitalization stands at $12,755,456,041, reflecting a 2% drop. Despite the price fluctuations, SHIB has maintained relative stability, with the total supply remaining at 589,273,210,598,481 tokens.

As the SHIB community keeps a close eye on these metrics, the token’s performance over the coming days will be noteworthy. Overall, meme coins have emerged as a dominant force in the crypto market. One can either love them or hate them, but these digital assets have undeniably become a cornerstone of the crypto economy. Often created as a joke or meme, they represent one of the most powerful narratives, generating significant interest and investment among crypto proponents.

According to Mike Novogratz, founder and CEO of Galaxy Digital, memecoins on permissionless blockchains now boast an aggregate market capitalization of more than $60 billion. This impressive figure highlights the burgeoning popularity and influence of memecoins in the current crypto landscape. As they continue to drive the market trajectory, memecoins are gradually emerging as a force to be reckoned with.

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