Shiba Inu’s Burning Question: Will Token Burns Drive Price Higher?

• Shiba Inu burned 71.18 million SHIB tokens.
• About 69 million incinerated SHIB tokens were linked to LumiBots.
• The SHIB community calls for more burns, including suggestions for Binance’s involvement.

Shiba Inu has captured market attention with its latest burn of 71.18 million (worth $1,151) SHIB tokens across seven transactions earlier today. According to data from SHIB burn tracker Shiba Inu, this burn caused a 4,000% surge in the token’s burn rate, surpassing previous records.

Token burning involves permanently removing tokens from circulation by sending them to an inaccessible address, effectively destroying them. This creates scarcity, potentially increasing the token’s value. Of the seven token burn transactions tracked over the past day, the largest occurred at 13:17 (UTC) on July 11. An unknown wallet transferred 69 million SHIB worth $1,116 to an inactive wallet. While Shibburn data did not disclose the wallet owner’s identity, it has been linked to LumiBots, a Shibarium-based NFT collection. A Shiba Inu community member, The Bus, expressed gratitude for LumiBot’s action.

The recent transaction brings the total number of burned SHIB to 410.72 trillion, representing 41.07% of the token’s initial supply of 1 quadrillion. Consequently, SHIB’s total supply now stands at 589.27 trillion, with 583.35 trillion in circulation and about 5.91 trillion currently staked.

Even with the drastic reduction of SHIB’s initial token supply, the community continues to advocate for more tokens to be incinerated. Some community members have even called on Binance to adopt a similar approach to LUNC’s burn initiative by incinerating SHIB tokens using its trading fees.

The recent market hype also stems from Shiba Inu’s lead marketing specialist Lucie’s bullish stance on anticipated SHIB exchange-traded funds (ETFs). Lucie drew attention to the benefits of an ETF, which further fueled optimism among market participants.Despite the recent market attention, SHIB has dipped over 4% in the recent intraday session, trading at $0.00001594 at press time.