230 Million SHIB Token Burned ; Is This Bullish For The Memecoin?
Shiba Inu (SHIB) holders are determined to bring the circulating supply of the memecoin to profitable levels. Per data from Shibburn, over 230 million SHIB tokens have been burned in the last two days.
SHIB rises as token burns increase
The platform which monitors ongoing transfers of SHIB tokens to designated “dead wallets” revealed that there was a single burn transaction of over 168 million SHIB tokens during the period. The last day also saw around 32 million SHIB tokens burnt, with the burn rate falling 86.23% from the previous day.
The community is carrying out token burning to reduce the supply of SHIB which started at 1 quadrillion. About 41% of this initial supply has now been incinerated so far in a bid to raise the price of the token.
In a recent blogpost, the core developers of the memecoin also revealed that an official token burn portal was in the works for the ecosystem. This mechanism would burn tokens through ecosystem utilities, they added.
A Burn Portal for SHIB is being currently worked on by the developer team and there is no current release date, but testing has begun with more details forthcoming, the blogpost said.
The price of SHIB has also posted a slight increase on the back of the accelerated burn. The price of SHIB is up around 11% in the last week, trading at $0.000024 at the time of writing. SHIB reached an intra-day high of $0.0000025 a level it last traded at about three weeks ago.
Is Shiba Inu’s popularity waning?
The Shiba Inu ecosystem has a lot of developments lined up to drive more participation including a metaverse under development. However, new data may indicate that the second biggest memecoin may be losing the attention of investors.
According to data from CoinMarketCap, the number of SHIB holders has been nosediving recently. In the past 10 days alone, SHIB holders have dropped from 1,198,789 to 1,144,118, a decrease of 54,671. Google Trends data also shows that queries for Shiba Inu-related terms have dropped significantly.
Analysts are attributing the reduction, which reached its peak on March 17, to declining hype around the project and shift in attention elsewhere. One recipient of this attention has likely been ApeCoin, the native token of the Bored Apes Yacht Club (BAYC) NFT ecosystem, which was launched this month. Regardless, SHIB remains a favorite token among Ethereum whales who continue to snap up millions worth of the token.
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