Shiba Inu coin burning prompts price surge

4.5
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.

Start typing here! You can add more paragraphs, images, videos, and more by clicking the icons in the toolbar!

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. 
https://kalkinemedia.com/news/cryptocurrency/shiba-inu-coin-burning-prompts-price-surge