The Shiba Inu Community has permanently removed more than 25.7 million SHIB tokens from circulation in 24 hours

The Shiba Inu Community has permanently removed more than 25.7 million SHIB tokens from circulation in 24 hours. Due to this, the burn rate increased to 3,084%. These figures have been released by the Shibburn Platform, which keeps track of transactions sending SHIB tokens to ‘unspendable wallets’. However, this has not had any clear impact on the SHIB token price.

The Shibburn Platform has announced that 25,718,038 SHIB tokens have been burned in the last 24 hours. The largest transaction in this burn round has been of 1.39 crore SHIB tokens. He was gifted half the supply by Shiba Inu's anonymous founder, Ryoshi, which Buterin burned instead of sending it back to the market.

The aim of burning SHIB tokens is to increase its value over time by reducing the total supply. The initial total supply of SHIB Token was 1 quadrillion. Now there are about 584 trillion SHIB Tokens left in circulation. Apart from this, about 4.83 trillion tokens are staked in different exchanges and DeFi projects. This means that the supply of SHIB Token is constantly decreasing, making its tokenomics strong.

The next step for Shiba Inu is real utility. Shiba Inu is no longer just a meme token. Along with the burn mechanism, SHIB is also working on utility projects like the Layer-2 Blockchain Project Shibarium, Decentralized Apps, and the Metaverse. The focus of the community is not limited to just memes or going viral. Now it is working on building a strong and utility-based crypto ecosystem. Recently, Shiba Inu's Shibarium platform has touched the milestone of 1 billion transactions.

The burn rate growth of over 3,000% shows that the Shiba Inu community is serious about its token. As the supply decreases, demand can be expected to increase in the long run. However, Shiba Inu still has a long way to go compared to other major cryptocurrencies in the market. If the other utilities, along with the burn, are also successful, then Shiba Inu can move beyond being a meme token and emerge as a strong digital asset.