Shiba Inu (SHIB) community burns coins to reduce supply and increase shortage
In a bold move, the Shiba Inu (SHIB) community has successfully reduced the total supply of the meme cryptocurrency by burning 28,709,351 SHIB through six specific transactions. This initiative, aimed at increasing the value of SHIB by limiting its availability, reflects the collective commitment of the community.
The process involved transferring a significant amount of coins to an inactive wallet, making them permanently inaccessible. The two largest transfers resulted in the elimination of 21,657,489 and 6,824,773 SHIB, respectively, marking a step towards making Shiba Inu a rarer asset in the cryptocurrency market. This coin burning strategy underscores the dedication of the ‘SHIB army’ in boosting the value of their chosen cryptocurrency through reducing its circulation.
The price of Shiba Inu has experienced volatility in recent days, with a 19.20% decrease in value over the last two days, including a 13.17% drop in the last 24 hours. This decline follows a period of significant growth that saw SHIB reaching a peak value of 0.00003 before correcting to 0.00002856. The fluctuations in SHIB price are closely tied to general cryptocurrency market trends, particularly following a correction in the value of Bitcoin, which peaked at 73,750 before trading at 67,344.
Despite the price movements, the actions taken by the Shiba Inu community demonstrate the impact of collective efforts on the appreciation and perception of meme cryptocurrencies. These events highlight the unique factors affecting the valuation of digital currencies like SHIB in the evolving cryptocurrency landscape. The community’s commitment to actively influencing the supply and potentially the value of SHIB offers valuable insights into the role of community actions in shaping the cryptocurrency market. As the market continues to change, the Shiba Inu community’s initiative could serve as a compelling case study on the power of community-driven strategies in the cryptocurrency ecosystem.