The Shiba Inu (SHIB) community is making waves with a massive token burning spree, removing a staggering 7.6 million SHIB from circulation in just 24 hours. This burn event sent the project’s burn rate soaring by a mind-boggling 70,000%, according to data from Shibburn, a platform dedicated to tracking SHIB burns.
The burn party was fueled by nine different wallet addresses, with wallet ‘0x60’ taking the lead by incinerating over 4.3 million SHIB tokens on its own. This address wasn’t done there, adding another 1 million burn to its tally, bringing its total contribution to over 5 million SHIB tokens removed from circulation within a single day.
Another wallet address, ‘0xc6’, joined the burning effort, contributing 1,538,128 SHIB tokens. These recent burns add to the already impressive total of 410.7 trillion SHIB tokens permanently removed from circulation, significantly reducing the overall supply. The current circulating supply sits at approximately 583.2 trillion.
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This aggressive burning strategy aims to create scarcity for SHIB tokens, potentially driving up the price in the long run. However, the immediate impact on the market price seems muted. Despite the community’s efforts, SHIB’s price has dipped slightly by 3.27% over the past day, settling at $0.00002235. This decline is part of a larger downward trend, with SHIB experiencing a price drop exceeding 6% over the past week.
On a brighter note, trading volume surged by 33.7% to $628 million in the last day, indicating continued interest in the project. The market capitalization also remains healthy at $13.1 billion.
Meanwhile, the Shiba Inu team is looking beyond just burning tokens. Lucie, the project’s social media marketing lead, took to the X platform to discuss the possibility of a SHIB-based Exchange-Traded Fund (ETF). While acknowledging the challenges of gaining recognition from major financial institutions, Lucie emphasized the “unique value” SHIB brings and expressed a desire for giants like BlackRock to understand its potential.
This sentiment comes amidst reports of growing institutional interest in SHIB. Recent reports previously revealed that Franklin Templeton, a firm managing a staggering $1.6 trillion in assets, is considering including SHIB in a new crypto altcoin fund.
Whether a SHIB ETF materializes or not, the community’s dedication to burning tokens and the project’s growing institutional recognition paint an interesting picture for Shiba Inu’s future.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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