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Shiba Inu burns 250 million tokens and price rises
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The community of Shiba Inu, one of the most popular memecoins on the market, carried out a significant burn of 250 million tokens on Friday the 6th. The movement positively impacted the price of the token and was called 1 CENT DREAM. The initiative is a repeated practice of the community and seeks to reduce the currency’s circulating supply, reinforcing the supply and demand dynamics, increasing the price of the token. Apparently, the strategy worked and the token rose by 2% in a few hours.
Token burning is a common strategy in the world of cryptocurrencies, where a reduction in supply can lead to an increase in price. The community intends renew optimism for investors, especially with Christmas approaching. The Shibburn profile shared a transfer of 250 million $SHIB to a dead wallet.
The burning was celebrated by the entire community, which became known on social media as SHIBARMY, an allusion to the American Armed Forces (USA Army). This is not the first time that the community has come together in favor of a significant increase in memecoin prices. The last event took place on the 3rd, when more than 2 trillion of the token were burned. At the time, $SHIB reached its highest market value since May.
The strategy for burning the tokens is to send them to a dead wallet, that is, a wallet that no one has access to. Thus, the token is lost forever, reducing supply, driving up the price due to growing demand for the memecoin with the second largest market capitalization.
As expected, price rises
Still on Friday morning, the price of SHIBA was around $0.00002968. As the project began, the price began to rise throughout the day. In just a few hours, the token that pays homage to the Shiba dog surpassed the $0.00003 markand continues to rise.
In addition to the token burn, other factors are also contributing to the optimism surrounding Shiba Inu. The imminent launch of the TREAT token, which is part of Shibarium, and the expectation of the launch of the SHIFU coin, supported by the developers at Shiba Inu, add an extra layer of excitement.
These new developments could provide a significant boost to the cryptocurrency‘s price, attracting even more investors. Market analysts project that the price of Shiba Inu could reach up to $0.00005458 until the end of December, driven by an optimistic mood in the cryptocurrency market.
Shiba Inu burns 250 million tokens and price rises
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Shiba Inu burns 250 million tokens and price rises
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Shiba Inu burns 250 million tokens and price rises
