Shiba Inu On Fire: Over 12 Million SHIB Vaporized – Impact On Price

Christian Encila

Last Updated: June 11, 2024 7:05 am

3 mins read

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The Shiba Inu meme coin community is currently abuzz with a palpable sense of excitement, courtesy of two key developments: a surge in token burning and promising advancements in the Shibarium layer-2 solution. While the cryptocurrency market is inherently volatile and unpredictable, these recent developments present a potential trajectory for Shiba Inu’s long-term growth and stability.

Shiba Inu’s Burning Surge: Impactful Trends

Shiba Inu has ignited a fervent blaze of token burning, sending ripples across the cryptocurrency landscape. In the span of just 24 hours, the token witnessed an astounding 12 million SHIB tokens burned.

Source: Shibburn

This surge in incineration is not a fleeting phenomenon; rather, it marks a consistent trend since the beginning of 2024. Over this period, the flames of token destruction have steadily climbed, devouring over 9 billion SHIB tokens, equivalent to 10% of the total burned throughout the entirety of 2023. The overarching goal of this orchestrated effort is to curtail the circulating supply, creating an environment of scarcity that holds the potential for future price appreciation.

Source: Shibburn

Shiba Inu currently trading at $0.00000887 on the daily chart: TradingView.com

However, amidst the excitement, whispers of skepticism linger on the periphery of this fiery spectacle. The cryptocurrency market, characterized by its capricious nature, is subject to a multitude of influencing factors. While token burning contributes to scarcity and has the potential to stimulate demand, external forces such as macroeconomic trends and broader market sentiment wield significant influence.

The fiery dance of Shiba Inu is sustained by two distinct mechanisms:

Transaction Fees: Each Shiba Inu transaction contributes a portion of its value to the pyre, forever eliminating these tokens from circulation. This process, while manual, plays a crucial role in the ongoing burn rate.
Shibarium: This recently launched layer-2 solution introduces a transformative token burning mechanism designed to automate the scorching process. This automation is a pivotal step in optimizing Shiba Inu’s scalability and transaction speeds, potentially broadening its appeal and stoking the flames of adoption.

Shibarium Milestone: 300 Million Transactions

The Shibarium inferno continues to blaze with vigor, surpassing a noteworthy milestone of 300 million total transactions. This achievement underscores the growing traction of the layer-2 solution within the Shiba Inu ecosystem, adding fuel to the flames of optimism regarding its future impact.

SHIB price action today. Source: Coingecko

At the time of writing, SHIB was trading at $0.058, up 0.3% in the last 24 hours, but sustained a 3.6% loss in the last seven days, data from Coingecko shows.

The burning of such a substantial volume of tokens raises questions about the potential impact on Shiba Inu’s price dynamics. The deliberate effort to reduce the circulating supply through this intense token destruction suggests a strategic move towards scarcity, a factor that traditionally influences demand and could potentially lead to price appreciation.

Featured image from Pixabay, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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