Over 1.3 Billion Shiba Inu Burned in November, What it Means
In a rather impressive development for the SHIB Army, there were more than 1.3 billion Shiba Inu tokens that were burned in November alone. Indeed, Shiba Inu burn tracker resource, Shibburn reported the massive quantity of tokens that have now exited the circulating supply. Subsequently, many expect the price of the asset to react.
Specifically, Shibburn took to X, formerly Twitter, to share the amount that was officially burned throughout the month. Moreover, they stated the official figure at 1,368,684, 064 with 273 transactions having taken place in that time. Subsequently, with December kicking off on that note, could a rally be in play?
Also Read: Shiba Inu (SHIB): Shibarium Reaches Landmark 4M Transactions
November Ends With More Than 1.3 Billion SHIB Burned
Few tokens within the digital asset industry boast as passionate and motivated a community as Shiba Inu. Although perceived by many as just a meme coin, the asset has evolved in recent years to seek renewed utility. Subsequently, the entire ecosystem has sought to propel the asset. One of the most important ways to do that is by burning it.
The process of burning a token is, in essence, simply decreasing the supply. This process is referred to as burning, and it increases the value. For the meme coin to prosper, it must rely on high burn rates that fall in line with its overarching positive performance. With December kicking off today, the asset is getting a strong start as Shiba Inu saw more than 1.3 billion SHIB burned in November alone.
Also Read: The Race to $1: Will Shiba Inu or Dogecoin Get There First?
The asset reached a massive milestone on its way to this significant landmark. Specifically, its burn rate experienced a 1000% surge on November 30th. Still, the price of the asset throughout the month has been on a decline. Specifically, it has fallen in value by 6.33% through November.
Currently, the volatility of the asset’s performance over the last month leaves it difficult to predict how it will do in December. Currently, however, things are looking up. Indeed, Shiba Inu is trading at $0.000008322, which is a 1.20% increase over the last 24 hours according to CoinMarketCap. Still, positive developments throughout this month, such as notable Shibarium landmarks, could help propel into a rather positive holiday season.
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