In the last 24 hours, 1.4 billion Shiba Inu tokens were burned, and it hit a burn rate of 26,592%, showed the network statistics. This is excellent news for the hodlers of the meme token as a lower supply of Shiba Inu means higher prices. But there are still over 549 trillion tokens to give you some perspective of how abundant the SHIB supply is.
Shiba Inu hit a burn rate of 26,592%
Even though the supply of Shiba Inu is enormous, a 26,592% burn rate increase is significant. The increase could be a result of the decentralized exchange of the token. Shibaswap 2.0, the DEX, which a team member of SHIB recently announced, has a burn portal and will help decrease the supply of the token. Its burning rate is even higher than Ethereum, making it a better investment than before. Before this, around 745 million Shib were being burnt in a day which was around a 6700% burn rate.
The project’s members have also launched a team called “Defense breed” that aims to protect the ecosystem from malicious activities or people. It will also bring more transparency to the project.
Even though the burning of Shiba Inu sounds a lot, its value is nothing compared to Ethereum. In the last 24 hours, the 1.4 billion Shiba Inu burnt was $34,554. On the other hand, only 4098 ETH was burnt in the last 1 day, but it was worth $13.2 million. So, in terms of value, the token has a long way to go to reach ETH’s level even though it’s doing great by volume.
So, should you buy SHIB now?
I have a thing against meme coins, and I don’t invest or advise anyone to invest in them. So, if you just wanted a straight answer, it’s a ‘No.’ However, if you have been planning to buy into Shiba Inu for a long time, then it’s a much better time now. Do note that the token supply is still huge compared to any other coin out there. So, please do your due diligence and understand the risks before investing in it.
What are your thoughts as Shiba Inu hit a burn rate of 26,592%? And do you think that it’s worth holding the token? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: US Senator Cynthia Lummis says “Bitcoin is saving lives” at the BTC Conference.
