Shiba Inu Burns 4 Million SHIB as Supply Stays Steady at 589 Trillion, Will Price React?

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Shiba Inu's burn rate slightly rose 63% as over 4 million SHIB were burned in the last 24 hours, according to Shibburn website data. Shiba Inu total supply stays at 589,245,487,886,725 SHIB, while the circulating supply is at 585,475,487,843,975 SHIB. A total of 410,754,512,113,274 SHIB have been burned from the initial supply of 1 quadrillion tokens, according to Shibburn data. This includes 410 trillion SHIB burned by Ethereum creator Vitalik Buterin. This represents about 90% of the total SHIB he was gifted by the Shiba Inu developers. This removed over 40% of the total supply from circulation. In 2021, Shiba Inu sent a massive chunk of SHIB tokens to Vitalik Buterin's wallet without asking. He split the remainder in half. One half went to CryptoRelief, which used part to fund medical infrastructure in India and part to support Balvi, Buterin's own research initiative. At the time of writing, SHIB was down 1.04% in the last 24 hours to $0.00000585, entering its second day of drop since a high of $0.0000063 on March 13. Shiba Inu rose for five days at a stretch from a low of $0.00000528 on March 9 to reach $0.00000063 on Friday before retreating. Shiba Inu fell to a low of $0.00000582 early Sunday as short sellers added to their positions. The impact of the burn remains yet to be seen, but it might be indirect by reducing the amount of SHIB in circulation. The price direction of SHIB in the short to immediate term might be determined by market sen...