The Shiba Inu community has burned a significant amount of SHIB tokens in the last 7 days. The purpose of this practice is to create shortages and increase SHIB prices by reducing the circulating supply. SHIB, which ranks second among meme coins, is expected to recover in the coming days in terms of market value.
Shiba Inu Community Burned 87 Million SHIB
Last week, the Shiba Inu community burned a total of 87,175,135 SHIB tokens. This indicates that 87.17 million tokens have been burned in the last 7 days, marking a 52.74% increase in the burn rate. Shibburn’s post on the X platform stated that the burn rate has dropped by 90.17% in the last 24 hours. The main purpose of this application is to control the circulating supply of the meme coin and increase its prices. SHIB’s circulating supply currently stands at 589.25 trillion.
Impact on SHIB Prices
So far, SHIB prices have reacted positively to this development, increasing by 1.33% in the last 24 hours. However, SHIB prices have decreased by 9.52% in the last 7 days and 23.63% in the last 1 month. 24-hour trading volume decreased by 10.29%, while Open Interest increased by 31.32%. Overall, sentiment towards SHIB is bearish, with FGI standing at 69 points and volatility at around 10.09%.
Next Step for the Shiba Inu Community
Two factors are at play for the Shiba Inu community: primarily speculation on future SHIB prices and the launch of the TREAT token. According to Coincodex, SHIB prices could rise approximately 0.52% to $0.00002216 in the next 30 days. The most recent speculation predicts a growth of 105.39%. Considering the high volatility of the crypto market, it should be noted that price movements can rise or fall at any time.
Finally, the launch of the TREAT token is planned to take place on January 14, 2025. This step has been promoted globally as a revolutionary initiative for the Shiba Inu ecosystem.
These burning processes carried out by the Shiba Inu community aim to increase the prices by making the token scarce. Bitcoin has implemented similar strategies in the past 
$94,343.8It is thought that such incinerations, as in the example of , could have a positive impact on SHIB prices. However, since the crypto market is inherently highly volatile, it is important for investors to be careful.
Shibburn stated that the burn rate has decreased by 90.17% in the last 24 hours.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
