Shiba Inu, one of the leading meme coins in the world may undergo a massive burn in the coming days. The burn may affect its circulation and the total SHIB coins presently in circulation may take a further hit. At the moment, there are 550 Trillion SHIB coins in circulation, as per global crytocurrency-tracking platform, CoinGecko.
The prominent meme coin witnessed a steady rise for quite a while and entered the prestigious ranks in an October bull run to breach all-time highs. However, the coin observed a reversal of fortunes. For the last couple of days, the rate of its rise has taken a hit.
The underperformance disappointed the SHIB Army — its supporters — especially, on predictions of further fall in prices. According to the coin’s anonymous founder, Ryoshi, Shiba is scheduled for a massive burn in the coming weeks as the ecosystem may dive more into blockchain gaming and the metaverse.
Investors of the coin recently started a petition on change.org. The petition urges Shiba Inu coin to develop a policy to burn significant amount of the Shiba token supply in the coming days.They announced, Shiba Inu coin burn may reduce the amount of Shiba Inu coins in circulation. But the concept of burning is nothing new for this meme coin. Token holders frequently send SHIB to its burn address, and sometimes, they even arrange for burn parties for this crypto coin.
A lot of coins have to be burnt for the deflationary currency’s supply to level up with the inflationary leader of the memecoin pack, Dogecoin. The latter has around 132 billion tokens in the market.
While the SHIB army has been demanding for the burn, Euro version of Shiba Inu has had a quality run in the past few weeks. Shiba Inu’s European avatar “ESHIB” witnessed a massive 25,000 per cent jump in a day on December 3.
Currently, Shiba Inu is trading at $0.00003463, as of 5:40 pm IST, up by 1.21 per cent in the last 24 hours, according to Coinmarketcap.
The total crypto market volume in the last 24 hours stood at $72.86 billion, which is a 4.95 per cent increase. The total volume in DeFi is currently $9.78 billion, 13.43 per cent of the total crypto market volume in a 24-hour period. The volume of all stable coins is now $58.06 billion, which is 79.69 per cent of the total crypto market 24-hour volume.