🔥💥8.4 billion Shiba Inu tokens went up in flames, reducing SHIB supply on exchanges
The Shiba Inu tokens, worth about $ 100,000, were burned by the SHIB team on December 23.
The SHIB team has burned a total of 33.6 billion Shiba Inu tokens so far, effectively reducing the circulating supply.
The SHIP price remained above $ 0.00001090, offering Shiba Inu owners a monthly gain of 34.5%.
The Shiba Inu team burned a total of 33.6 billion SHIB tokens. This move has reduced the selling pressure on the meme coin as the circulating supply shrinks. In addition, on-chain metrics support SHIB price increases and a bullish outlook for the asset.
SHIB burn supports the bullish thesis for meme coin
Shiba Inu token burn is one of the catalysts that support SHIB earnings by reducing the circulating supply of the asset. Binance has engaged in SHIB burn, other organizations such as the Shiba Inu team have burned tokens, and meme has had a similar impact on the coin's price.
The Shiba Inu team has burned a total of 33.6 billion SHIB tokens to date. The fourth burning statistics were shared by Shibarium's marketing specialist LucieSHİB, who is popular on X.
According to the data of Shibburn tracker, a total of 25.7 billion SHIB tokens were destroyed in December. While meme coins in other ecosystems have risen, the Shiba Inu price has generated a 35% monthly gain for owners.
The Shiba-Inu themed meme coin is on its way to start the recovery, supported by in-chain metrics. The supply of SHIB on the stock exchanges increased to 7.82% on December 24. This marks a significant decrease in the selling pressure on assets on exchange platforms. It is likely that the SHIB price will continue its recent gains and start to recover on the back of the bullish signal from on-chain metrics.