SHIB Price Climbs as Shiba Inu Reports Unprecedented Token Burning Activity

TLDR

• SHIB burn rate increased dramatically by 6,223% in 24 hours
• 290,321 SHIB tokens were burned in the latest round
• Total market cap of crypto ecosystem reached $3.09 trillion
• SHIB price up 3.41% in 24 hours to $0.00002535
• Year-to-date growth for SHIB stands at 144%

The Shiba Inu (SHIB) cryptocurrency has marked a notable milestone with its burn rate increasing by 6,223% over the past 24 hours.

According to data from Shibburn, 290,321 SHIB tokens were permanently removed from circulation during this period.

This surge in token burning comes as the broader cryptocurrency market shows renewed strength, with the total market capitalization reaching $3.09 trillion.

The increased burning activity represents a strategic reduction in the token’s supply, which could influence its long-term value proposition.

The current circulating supply of SHIB stands at 583,766,910,600,543 tokens, following the removal of 410,737,812,707,584 SHIB through various burning mechanisms. The Shibarium burn portal has emerged as a key contributor to these ongoing reduction efforts.

HOURLY SHIB UPDATE$SHIB Price: $0.00002498 (1hr -0.08% ▼ | 24hr 4.13% ▲ )
Market Cap: $14,696,189,447 (4.03% ▲)
Total Supply: 589,262,187,292,415

TOKENS BURNT
Past 24Hrs: 290,321 (6223.7% ▲)
Past 7 Days: 135,037,210 (-78.05% ▼)

— Shibburn (@shibburn) November 18, 2024

SHIB’s price has responded positively to these developments, showing a 3.41% increase in the past 24 hours to reach $0.00002535.

This latest price movement adds to an impressive year-to-date performance, with SHIB recording a 144% increase since the beginning of 2024.

The token’s monthly performance has also been noteworthy, with a 31% price increase over the past 30 days. This growth trajectory places SHIB among the stronger performers in the meme coin category, despite remaining below its previous all-time high.

Current market data indicates that SHIB is trading approximately 71% below its record high of $0.00008845. This gap between current prices and historical peaks has created discussion within the trading community about potential price targets for the ongoing bull cycle.

The Shiba Inu ecosystem continues to evolve beyond its meme coin origins, with developers implementing regular updates and improvements.

These technical advancements have helped maintain community engagement and support the token’s utility expansion.

Shiba Inu Price on CoinGecko

As the second-largest meme coin by market capitalization, SHIB has developed multiple use cases within its ecosystem. This diversification of utility represents an effort to create sustainable demand beyond speculative trading.

The project’s burn mechanism has become increasingly important to its tokenomics strategy. Regular token burns are designed to gradually reduce the available supply, potentially affecting the supply-demand dynamics of the asset.

Recent data from trading platforms shows increased activity in SHIB trading volumes, coinciding with the elevated burn rate. This combination of factors has contributed to the current price momentum.

The Shibarium platform’s contribution to the burn rate demonstrates the ecosystem’s structured approach to supply management. This systematic burning mechanism provides transparency and predictability to the token reduction process.

Market observers have noted that the current burn rate acceleration comes during a period of broader crypto market strength. This timing may amplify the impact of supply reduction on price action.

Trading volumes across major exchanges show sustained interest in SHIB, with both spot and derivative markets displaying active participation. This market depth supports price discovery and liquidity for traders.

The project’s development team continues to maintain regular updates and communication with the community. These ongoing improvements and transparency measures have helped sustain investor confidence.

The most recent data shows the burn rate maintaining its elevated levels, with blockchain explorers confirming the continued removal of tokens from circulation. This real-time verification provides market participants with concrete data on supply reduction efforts.