Shiba Inu: Team Member Breaks Down Latest Burn

Shiba Inu Burn Rate Goes Parabolic, Surges 5600%
Source: MARCA

Shiba Inu team member Lucie recently discussed the topic of burns. Recently, the token’s founder Ryoshi burned keys to the total SHIB supply. In an X post, Lucie explained the reasoning behind founder Ryoshi’s decision to burn the keys to the asset’s supply.

Lucie shared that Ryoshi’s burning of keys to the Shiba Inu supply “means that for anything to be burned, it must first be purchased.” The team member continued by saying the SHIB community is the driving force behind burns, including burning tokens or transactions.

Massive Shiba Inu burns typically indicate new market sentiment around an asset, SHIB in this case. The dog-themed token has seen red on the charts throughout the past month but is up 4% today. Furthermore, based on trading activity around SHIB, the asset could see more burns soon.

Shiba Inu SHIB
Source: Watcher.Guru

Also Read: How to Stake Shiba Inu in 2024?

“In order to conduct burns, users need to generate income to facilitate the process,” the SHIB team member further explains. At press time, Shiba Inu is trading at $0.00002395. Since the burn, the trading volume of the token has dropped. However, according to an official announcement, the Shibarium layer-2 network has completed its hard fork. Thus, the price is expected to climb soon.