Shiba Inu Gains 16% On A Single Day Following 900 Million Token Burn

According to Watcher.Guru, around 900 million Shiba Inu tokens were burned on October 24.

During the Shiba Inu burning process, 1% of the token’s circulating supply is being burned daily. Moreover, the meme token has enjoyed major price gains following this burn and recently reached an all-time high of $0.000044.

Shiba Inu Token Burn

Shiba Inu has an enormous supply, and unlike other networks that have been implementing burning mechanisms that lead to a vast amount of tokens being burned, SHIB has implemented a slightly different model.

Projects that want to get listed on ShibaSwap, trading pairs, or pools are required to buy and burn a selected amount of Shiba Inu tokens or LEASH tokens. However, the amount of burned SHIB tokens to date is still high, given that earlier this year, Vitalik Buterin had burned over 410 trillion SHIB tokens valued at $6.7 billion.

The amount of SHIB tokens that Buterin burned was equivalent to 50% of the entire SHIB supply. The Ethereum founder sent 90% of the tokens sent to him to a dead wallet address and donated the remaining 10% to a foundation in India to help battle the Covid-19 pandemic.

Shiba Inu’s Explosive Rally

Shiba Inu has been on a major explosive rally over the past month. Over the past week, the meme token has gained by around 40% and rallied by over 400% during the past month. Following these gains, Shiba Inu reached an all-time high of $0.000044 on October 44, but it has since shed some of those gains.

Besides the token burning, the SHIB rally has also been attributed to increased market interest. The meme token has been the leading performer in the crypto charts over the past month. Moreover, its latest endeavor into non-fungible tokens has also contributed to some gains. SHIB has also emerged as the most traded cryptocurrency on Binance’s spot market and the third-most traded cryptocurrency overall after Bitcoin and Tether.

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