increase in its weekly burn rate. Understand the economic factors that drive its price and supply.
Find out why investment giants like Robinhood are heavily investing in SHIB. Keep reading to get the full scoop.
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Significant Increase in Shiba Inu's Burn Rate
In an effort to reduce the supply of Shiba Inu (SHIB) tokens, known as "SHIB Burn," the weekly burn rate has spiked by 71.91%. Approximately 570 million SHIB tokens were burned within one week.
Burn refers to the practice of sending already-issued crypto assets to an "unusable wallet," making them inaccessible and effectively decreasing the supply of the asset in circulation.
Because many cryptocurrencies have a limited total supply, burning tokens can reduce the circulating supply, increasing the scarcity value of each token and potentially driving up its price (though actual price changes are subject to supply and demand balance).
According to daily reports from Shibburn (@shibburn), the total number of burned tokens two weeks ago was reported to be 338,915,708, while the figure for last week was confirmed to be 570,455,129.
Shiba Inu: A High-Supply Cryptocurrency With A Growing Demand
Shiba Inu has an extremely high maximum supply of about 1 quadrillion SHIB, with each token currently priced at $0.0000068.
However, as more SHIB tokens are burned and the available supply shrinks, there's potential for an increase in SHIB's price. This burn-related strategy has been the focus of attention for some time.
For the price to actually rise due to burning, an "increase in demand" is also required in addition to "supply reduction."
Given that SHIB is listed on multiple global exchanges and projects like "Shibarium" are successfully progressing, demand is expected to rise through these initiatives.
Total Burned, Total Supply, and Circulating Supply of SHIBs as of September 18, 2023
| Maximum Supply | 999,983,368,984,689 SHIB |
| Total Burned | 410,659,210,220,393 SHIB |
| Total Supply | 589,340,789,779,606 SHIB |
| Circulating Supply | 579,599,204,140,222 SHIB |
Robinhood Adds 877 Billion SHIB to Its Crypto Holdings
In a separate report, the popular investment app Robinhood was revealed to have added 877 billion SHIB to its crypto holdings between August 31, 2023, and September 13, 2023.
Last month, it was reported that Robinhood is the "third-largest BTC whale." Among the crypto assets that the company holds, BTC, ETH, and SHIB reportedly have the highest quantities.
As of September 18, 2023, Robinhood's SHIB holdings are valued at approximately $255 million, amounting to about 34.99 trillion SHIB tokens.