Token burn is a method that aims to reduce the amount of tokens in circulation and, as a result, increase the value of the cryptocurrency in question. And, at the very least, there was plenty of room for the SHIB!
Indeed, no less than 180 million tokens had been destroyed in just 24 hours.
Shiba inu made the news
Shiba Inu has enjoyed a spectacular climb in 2021. It was also one of the biggest in cryptocurrency history. This gain had made its investors the happiest.
Cryptocurrency is back on track after a fairly difficult phase. According to analysts, it appears to be entering a new bullish trend.
One of the causes for this is? In just 24 hours, approximately 180 million SHIBs were destroyed! This fire resulted in a significant decrease in supplies.
Other factors contribute to this growth
Of course, this is not the sole cause for the price increase. Other variables, like the democratization of this cryptocurrency and the fact that it is rapidly being accepted as a form of payment by “real world” businesses, play a significant influence.
Furthermore, the Shiba Inu’s creators have lately expressed a wish to participate in the metaverse. Specifically, through the selling of “Shiba Lands,” or pieces of land for their project “SHIB: The Metaverse.”
In short, the news surrounding the Shiba Inu is loaded, and this bodes well for the SHIB’s future. To be continued!