[Shiba Inu (SHIB) burn rate soars over 2,000%, leading to 53.5 million token shortages]Recently, the token burn rate of Shiba Inu (SHIB) has grown by an astonishing 2,072.59% in the past 24 hours, resulting in the destruction of 53.5 million tokens in circulation. This activity is part of an effort to automate SHIB burning announced by the Shiba Inu development team in a blog post in early December.U.Today previously reported that the Shiba Inu team plans to gradually destroy up to 925 billion SHIB tokens in January, aiming to strategically control the supply of tokens and increase scarcity, thereby affecting market dynamics.This significant increase in the burning rate and the advancement of the automated burning strategy highlight Shiba Inu’s determination to improve the utility of the token and combat inflation. As the crypto market evolves, Shiba Inu’s strategic moves enable it to adapt to market changes and secure its position within the broader blockchain ecosystem.In terms of market sentiment, SHIB is currently trading at $0.000009553, growing 0.22% in the past 24 hours, despite a significant increase in its burn rate. However, the coin is down 9.34% in the past seven days. While market trends can fluctuate in the short term, Santiment’s on-chain data shows more nuanced movements.According to data from Santiment, the supply of SHIB on exchanges has continued to decline over the past month, indicating that investors are more inclined to accumulate and hold SHIB. Additionally, SHIB’s average coin age reversed its previous downward trend in December, suggesting that long-term holders may be taking advantage of market declines to acquire SHIB.As the Shiba Inu community looks forward to future developments, the market remains closely monitoring changes in SHIB supply dynamics and their potential impact on price trends. Investors and enthusiasts are watching Shiba Inu’s development in the dynamic crypto market.
