Over 3 Billion Shiba Inu Destroyed Under 30 Days

Shiba Inu supply slash intensified in November, with more than 3 billion tokens incinerated at a time the market boom returned

The Shiba Inu (SHIB) ecosystem has many achievements to celebrate in November, especially after successfully destroying more than 3 billion tokens. Recently, Shibburn, the dedicated tracker for the Shiba Inu burn exercise, noted that 3,162,301,655 SHIB tokens were incinerated in November, cutting across 167 transactions.

Shiba Inu Hit Level Last Seen in March 

To a large extent, the burn exercise is crucial to the price outlook of the canine-themed memecoin SHIB. 

Truncating the token’s supply is expected to translate to a price rally. This is backed by the principle of increased demand and reduced supply, which eventually allows the prices to spike reasonably. Therefore, the SHIB community has strategically worked to crash the token’s supply. 

Despite its volume, the reported November SHIB burn still represents a 48.45% drop in the monthly burn rate. However, this did not stop Shiba Inu from registering some price gains. Precisely, the memecoin went as high as 50% in November alone. According to CoinMarketCap data, SHIB is trading at $0.00003137. This price level marks a 16.84% increase in 24 hours and 80.44% increase in 30 days.

The current price, last seen in March, reflects SHIB’s robust kickoff for December. Regarding market capitalization, Shiba Inu has become the tenth-largest cryptocurrency. This metric is currently at $18.49 billion, while its trading volume is at $6.96 billion, corresponding to 356.44% in the last 24 hours. 

SHIB to Reach $0.0005

When the SHIB burn rate soared a week ago, on-chain analyst Ali Martinez suggested that the memecoin would climb as high as $0.0005. 

He showed charts that suggested similarities between Dogecoin (DOGE) and Shiba Inu for emphasis. The difference is that DOGE peaks earlier than SHIB. Should the latter follow the former’s trajectory, Martinez sees the possibility of an abusive bull run.

Meanwhile, Shiba Inu developer Kaal Dhairya informed the community a few days ago of an important update to the Shibarium network. Soon, the security upgrade to the Layer-2 scaling blockchain will be followed by more updates and amendments.

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