Shiba Inu (SHIB) Price Drops Despite Community Efforts to Increase Token Scarcity With New Burn Strategies and Shibarium Upgrades

The price of Shiba Inu (SHIB) has been somewhat rising, but what stands out is the tremendous increase in the token's burn rate.

The price of Shiba Inu (SHIB) has shown a slight increase, but the standout aspect is the massive surge in the token’s burn rate.

A tweet from Shibburn, a SHIB burn tracker, reveals that the daily burn rate of the meme token has spiked by an incredible 137,000%, with 105,981,775 tokens burned.

Over the past seven days, the burn rate has surged by over 300%, indicating a growing interest in the token following a period of low or zero burn rates, as highlighted in our previous report.

HOURLY SHIB UPDATE$SHIB Price: $0.00001397 (1hr 0.51% ▲ | 24hr 4.89% ▲ )

Market Cap: $8,229,541,217 (4.86% ▲)

Total Supply: 589,272,091,038,674

TOKENS BURNTPast 24Hrs: 105,981,775 (137411.87% ▲)

Past 7 Days: 114,775,953 (366.69% ▲ )

— Shibburn (@shibburn) August 9, 2024

Shiba Inu Community Pushes for Token Scarcity with New Burn Strategies, Shibarium Upgrades

Within the Shiba Inu community, token burning has long been a favored strategy for increasing the scarcity of the token by permanently removing a portion of the tokens from circulation.

Moreover, a future upgrade to Shibarium, as reported by CNF, will feature a large burn mechanism that converts 70% of transaction fees into SHIB tokens, potentially reducing supply and increasing price.

The upgrade also aims to enhance transaction speed, stability, security, and overall accessibility of the Shibarium network.

In another development, highlighted previously, the community has launched a petition to demand Binance burn 1% of all SHIB token transactions on their platform each day. At the time of writing, the petition has 1,342 signatures, nearing the 1,500-signature goal, with 203 new signatures added this week alone.

Meanwhile, SHIB is trading at around $0.00001406, down 1.20% in the past 24 hours, bringing its market capitalization to just below $8.3 billion. The SHIB price decrease aligns with the broader corrections seen in other leading meme coins.

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