Shiba Inu (SHIB) is a decentralized cryptocurrency that uses the Japanese dog breed “Shiba Inu,” which has a fox-like appearance and an agile nature, as its mascot. The cryptocurrency was created as a Dogecoin killer initiative- another dog-based cryptocurrency that gained popularity very quickly due to support from big tycoons like Elon Musk. The cryptocurrency launched in 2020 became a popular meme coin and features a growing ecosystem of tokens and platforms.

• Shiba Inu is an Ethereum-based altcoin created by an individual or group named “Ryoshi”. 
• Shiba Inu launched with the branding as a rival coin to Dogecoin. 
• The token exists within a decentralised ecosystem with several other tokens like LEASH and BONE. It also has a Layer-2 Blockchain called Shibarium for faster transactions and applications.
• The token has a passionate community; however, due to its lack of implementation in the real world and limited use case’s investors are sceptical when it comes to investing in the token. 

What is Token Burning?

In simple terms, Token burning is the process of permanently removing a part of the tokens from the total circulating supply. This is done by sending your tokens to a dead wallet that no one has access to, and hence, it is burned in the process, never to be retrieved. Token burning is done with the motive of creating scarcity; this phenomenon can potentially increase its market cap over time.

Shiba Inu started with an initial total supply of 1 quadrillion coins. SHIB’s massive supply has been a key factor in why investors hesitate to invest in its potential. So, SHIB token burning is a calculated strategy to control the supply and to increase demand. The Shiba Inu community continually engages in token burning initiatives and regularly takes part in burn events. 

How is the Shiba Inu Coin burn

• SHIB tokens are sent to a non-accessible address.
• Transaction fees or specific events to burn tokens are placed, and the members who burn tokens are rewarded with LEASH and BONE tokens
• Transactions made on Shibswap’s decentralised exchange sometimes contribute to these burning activities.

Benefits of Burning SHIB Inu tokens

• Controlled Supply: By removing the supply from the circulation, the coin removes the supply pressure, which most investors fear. Also, by controlling the coin supply over time, its market cap should increase.
• Decreased Availability: As tokens continue to burn and the community brings out new burn events, they introduce scarcity, which promotes interest in investments.
• Strong Community: The community engages in burn events they see this as a unique way to contribute to the Shiba Inu economy.

Shiba Inu Tockenomics

SHIB is being traded at $0.00001223, reflecting $151.42 million 24-hour trading volume. As per the latest market sentiment, BTC is moving with a Bearish Trend (79%) in the cryptocurrency space. The fear and greed index of SHIB shows 70, indicating Bearish among investors, and the token has traded 17 out of 30 days (57%) in the green zone. The whole market metric value of SHIB in this article is documented at press time. Hence, when you read this article, many of the price values may change, so don’t hesitate to check out the latest price values. 

Here is the tokenomics of the BTC token

• Current Price – $0.00001211
• Market cap – $7.14B
• 24-hour Volume – $190.74M
• Diluted Market-cap – $7.14B
• Total Supply – 589.5T
• Circulating supply – 589.24T

Shiba Inu Burn Rate

Burning refers to permanently removing the tokens from the total supply by sending them to a dead wallet address that no one has access to, with the primary purpose of increasing coin demand by reducing supply. The burn rate of shiba inu (SHIB) has increased tremendously over the past 24 hours, with 82,051 $SHIB burned. 54 burns were done this month, and 19,816,943. Tokens were burned. 6.75 burns on average per day, which is a 125.78% increase compared to last month.

2,477,178 Tokens are burned on average per day, which is a 332.73% increase compared to last month. To this date, 410,499,089,127,982 SHIB tokens have been burned, 41.05% of SHIB’s total supply, which amounts to $5,000,000,000 US dollars according to the current market value. 41.05% of SHIB’s total supply 

Conclution

Shiba Inu has come a long way from being created just as an inside joke to becoming the No.1 ERC20 meme in the world. The community still upholds its dreams and ambitions with the focus on achieving an increase in demand and lowering the supply. The shiba inu burn rate is the project’s way of giving its commitment to addressing the challenges and ensuring value for its holders. But this is no financial advice, as with any investment, it is very important to do research and have a clear understanding of the risks involved and opportunities. 

FAQs

Token burns tend to enhance investor sentiment by signalling scarcity and commitment to value, which can bolster market stability.

SHIB has already burned 400 trillion tokens. The current burn rate is slow; however, it’s reasonable in such a short time frame.

Due to the burn mechanism, we can say the dead wallet containing all Shiba burned tokens (400 trillion tokens) is the largest holder of Shiba Inu.

Some analysts predict Shiba Inu could surge 3000% and overtake Doge by 2026.

It is theoretically possible, but still a long dream since that is still a huge distance from its current market price, and statistics don’t favor it either.