Shiba Inu, one of the most famous meme coins, has experienced a significant price surge in just one day, with the value increasing by 20% from the previous day. The token is currently trading at $0.00002767 with a market cap of $16.29B after a 19% surge. This surge can be attributed to the recent SHIB Burn, which has reduced the total supply of the token by a substantial percentage.
The Shiba Inu burn is expected to drive up demand for the token. In the past, similar burns have led to a surge in trading volume, with the value reaching $1.18B in just 24 hours.
But what exactly is meant by a Shiba Inu burn? This process involves burning a portion of the SHIB token supply in order to create scarcity and increase demand for the token. While Shiba Inu has a large supply, regular token-burning events are necessary to maintain the token’s value.
It’s important to note that the burning process does not involve physically burning the tokens. Instead, the tokens are sent to a burner address or dead wallet with a lost private key, making them irretrievable.
The recent SHIB burn in April has seen a spike in burn rate, resulting in the removal of 392,376,654 SHIB tokens in just 24 hours. This has brought the total supply of Shiba Inu to 589,273,998,518,000 SHIB, creating scarcity and driving up demand for the meme coin.
The Shiba Inu burn has become a significant event for the cryptocurrency, as it helps reduce the total supply and increase the token’s value. With over 41% of the total supply already burnt by February 2024, the recent burn has further contributed to this percentage.
In conclusion, the Shiba Inu burn is a crucial process for maintaining the value of the meme coin. With a significant reduction in total supply over the years, the burn events aim to create scarcity and drive up demand for Shiba Inu. This ongoing process is essential for the token’s growth and potential to reach $1 someday.
Source: [Coingape](https://coingape.com/trending/shib-burn-unraveling-the-burning-of-449-million-shiba-inu-token/)
