Shiba Inu coin burning prompts price surge
Shiba Inu’s price jumped around 19% to US$0.0000077 after developers recently announced they had burned many of the crypto’s coins.
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The price of memecoin, Shiba Inu, jumped considerably over the weekend after its developers announced a coin burn.
Shiba Inu’s price jumped around 19% to US$0.0000077 after the coin burn announcement, which means that the coins are taken out of circulation permanently, effectively increasing the demand by decreasing the supply.
Shiba Inu started with a supply of 1 quadrillion coins. However, that number has since dwindled after multiple coin burns.
In May, Shiba Inu hit an all-time high after the crypto giant and Ethereum founder, Vitalik Buterin, was gifted 50% of all Shiba Inu coins.
Buterin burned the majority of the coins and donated the remaining coins to charity.