8.4 billion Shiba Inu tokens go up in flames and SHIB supply on exchanges shrinks
- Shiba Inu tokens worth nearly $100,000 were burned by the SHIB team on December 23.
- SHIB team has burnt a total of 33.6 billion Shiba Inu tokens so far, effectively reducing the circulating supply.
- SHIB price sustained above $0.00001090, offering Shiba Inu holders 34.5% monthly gains.
Shiba Inu team has burnt a total of 33.6 billion SHIB tokens. This move has reduced the selling pressure on the meme coin as the circulating supply shrinks. Further, on-chain metrics support SHIB price gains and a bullish outlook on the asset.
Also read: Solana dethrones BNB, ranks fourth largest cryptocurrency with 100% monthly gains for SOL holders
SHIB burn supports bullish thesis for meme coin
Shiba Inu token burn is one of the catalysts that supports SHIB gains by reducing the circulating supply of the asset. Binance engaged in SHIB burn, other entities like the Shiba Inu team have burnt the tokens, producing a similar impact on the meme coin’s price.
The Shiba Inu team has burnt a total of 33.6 billion SHIB tokens till date. The fourth burn statistics were shared by Shibarium’s marketing specialist popular on X as LucieSHIB.
4th $SHIB Burn Alert!
— | ✨Shib.io✨ (@LucieSHIB) December 22, 2023
Enjoy these #Shibarium flames. pic.twitter.com/jlYSlhl9hG
Based on data from the Shibburn tracker, a total of 25.7 billion SHIB tokens have been destroyed in December. While meme coins in other ecosystems rallied, Shiba Inu price yielded 35% monthly gains for holders.
The Shiba-Inu-themed meme coin is on track to begin its recovery, supported by on-chain metrics. SHIB supply on exchanges nosedived to 7.82% on December 24. This marks a significant decline in selling pressure on the asset across exchange platforms. SHIB price is likely to sustain its recent gains and begin a recovery on the back of the bullish signal from on-chain metrics.
 [18.59.05, 24 Dec, 2023]-638390214296075025.png)
SHIB supply on exchanges. Source: Santiment
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
