Shiba Inu Burns Over 1.1 Billion Tokens in a Single Transaction
- Shiba Inu just burned more than 1.1 billion SHIB tokens.
- Despite the token burn, SHIB token is currently trading in a bearish sentiment.
- While this move is significant, it may not have a substantial impact on SHIB’s price trajectory.
SHIB HODLER, who has 401.3K followers on Twitter, recently announced that Shiba Inu burned over 1.1 billion SHIB tokens in a single transaction within the last 24 hours. This means that the tokens were permanently removed from circulation, thereby reducing the total supply of SHIB tokens.
BREAKING1.1 billion $SHIB burnt in a single transaction! https://t.co/pccy54oexS
— SHIB HODLER (@ShibaInuHodler) April 9, 2023
The burn was accomplished in one transaction, indicating a swift and decisive move by the Shiba Inu team to strengthen the cryptocurrency’s value proposition. By reducing the token supply, the remaining SHIB tokens might be scarcer, which might potentially drive up their value.
Investors have taken notice of a rare move by the Shiba Inu team to burn over 1.1 billion SHIB tokens in a single transaction. Significantly, it is more than the usual token burn amount that typically falls below 100 million. This recent action has caught the attention of the cryptocurrency community, as it suggests a deliberate effort to strengthen the token’s value proposition by reducing the overall token supply.
Shiba Inu has been implementing a burn mechanism to enhance the value of the SHIB token. In February, the ShibBun team took to their Twitter account to announce that they burned 1,124,579,958 SHIB tokens in January, executing a total of 223 transactions.
Token Burns as Only One Factor in Price Determination
One reason for SHIB’s muted response to the token burn could be the prevailing market sentiment. The broader cryptocurrency market has been experiencing fluctuations, with major coins like Bitcoin (BTC) and Ethereum (ETH) struggling to maintain their price levels. This uncertainty may have dampened the impact of the token burn on SHIB’s price.
While token burns are a significant event for any cryptocurrency, they are only one factor that influences the market value of a token. Factors like adoption, utility, and network activity may play a more substantial role in determining a cryptocurrency’s price trajectory, particularly in the long term. Therefore, it is essential to consider these factors in evaluating SHIB’s future price potential.
Despite this recent burn by the Shiba Inu team, SHIB token is currently trading on the red with the bears dominating the market in the last 24 hours. The price of SHIB has recorded a price decrease of 0.44% and is currently trading at $0.0000109.
In conclusion, the hype surrounding Shiba Inu’s token burn, it is clear that other factors, such as market sentiment and long-term adoption and utility, may be playing a more significant role in determining the cryptocurrency’s price trajectory. As with any investment, investors should conduct thorough research and analysis to make informed decisions.
Read more: https://thenewscrypto.com/shiba-inu-burns-over-1-1-billion-tokens-in-a-single-transaction/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
