Shiba Inu (SHIB) Burn Rate Skyrockets by 612%, But Can Token Burns Save the Meme Coin?

SHIB's burn rate has spiked, showing that the community is working hard to reduce the token supply and boost its value.

Shiba Inu (SHIB) has seen a remarkable surge in its burn rate, with over 3.2 million tokens being permanently removed from circulation in just 24 hours. This marks an incredible 612% increase in the rate at which SHIB tokens are being burned. The move comes as the SHIB community and several projects continue to focus on reducing the token supply and boosting its value.

As part of this effort, a SHIB burn tracker has been launched to showcase the community’s collective achievement in burning tokens. The tracker displays the total number of SHIB burned, the daily burn rate, and the percentage of SHIB burned from the initial supply.

According to the tracker, a total of 410,366,900,320,983 SHIB have been burned so far, which accounts for roughly 41.03% of the initial 1 trillion SHIB tokens. At the time of writing, the daily burn rate stands at 3,208,750 SHIB, having seen a 612% increase over the past 24 hours.

The burn rate surge is a positive development for SHIB holders, as it indicates a strong effort by the community to reduce the token supply and scarcity, which can help increase the token’s value over time if more people want to buy it.

However, it's important to note that burning tokens doesn't directly and immediately push up the price. For the burn to make a significant impact, more people need to start buying and holding SHIB.

As reported by IntoTheBlock, fewer people are now betting on SHIB’s price dropping, which is indicated by changes in market data. This bearish momentum seems to be slowing down. At the same time, SHIB is approaching its key support level of $0.0000197.

Support levels are like safety nets that can slow or stop price drops and sometimes even lead to a rebound. But this doesn't mean SHIB’s price will bounce back right away.

For SHIB to recover significantly, there needs to be a mix of lower selling, higher demand, and the continued impact of token burns.

The SHIB community has been quite vocal in calling for the token to be listed on the Robinhood trading platform. A recent petition on Change.org has gathered over 550,000 signatures in support of adding SHIB to Robinhood.

Now, it appears that Robinhood may be preparing to list SHIB on its platform soon, according to a recent report by the Block. The report cites sources close to the matter, who claim that Robinhood has been discussing the possibility of adding SHIB for several months now.

If Robinhood does decide to list SHIB, it could have a major impact on the token's price and liquidity. Robinhood is one of the most popular trading platforms in the United States, with over 22.5 million funded accounts. Adding SHIB to the platform would give it access to a vast new audience of potential buyers.

However, it's also worth noting that Robinhood has been criticized in the past for its limited selection of cryptocurrencies and its focus on meme coins and other risky assets. The platform was fined $70 million by the Financial Industry Regulatory Authority (FINRA) in 2021 for misleading customers about the risks of margin trading and failing to adequately supervise the approval of options customers.