TRENDING:
US CPI
EUR/USD
GBP/USD
XAU/USD
Trade War
USD/CAD
AUD/USD
Sponsored by
Login
|

8.4 billion Shiba Inu tokens go up in flames and SHIB supply on exchanges shrinks

  • Shiba Inu tokens worth nearly $100,000 were burned by the SHIB team on December 23. 
  • SHIB team has burnt a total of 33.6 billion Shiba Inu tokens so far, effectively reducing the circulating supply. 
  • SHIB price sustained above $0.00001090, offering Shiba Inu holders 34.5% monthly gains. 
8.4 billion Shiba Inu tokens go up in flames and SHIB supply on exchanges shrinks
Ekta MouryaEkta MouryaFXStreet

Shiba Inu team has burnt a total of 33.6 billion SHIB tokens. This move has reduced the selling pressure on the meme coin as the circulating supply shrinks. Further, on-chain metrics support SHIB price gains and a bullish outlook on the asset. 

Also read: Solana dethrones BNB, ranks fourth largest cryptocurrency with 100% monthly gains for SOL holders

SHIB burn supports bullish thesis for meme coin

Shiba Inu token burn is one of the catalysts that supports SHIB gains by reducing the circulating supply of the asset. Binance engaged in SHIB burn, other entities like the Shiba Inu team have burnt the tokens, producing a similar impact on the meme coin’s price. 

The Shiba Inu team has burnt a total of 33.6 billion SHIB tokens till date. The fourth burn statistics were shared by Shibarium’s marketing specialist popular on X as LucieSHIB. 

Based on data from the Shibburn tracker, a total of 25.7 billion SHIB tokens have been destroyed in December. While meme coins in other ecosystems rallied, Shiba Inu price yielded 35% monthly gains for holders.

The Shiba-Inu-themed meme coin is on track to begin its recovery, supported by on-chain metrics. SHIB supply on exchanges nosedived to 7.82% on December 24. This marks a significant decline in selling pressure on the asset across exchange platforms. SHIB price is likely to sustain its recent gains and begin a recovery on the back of the bullish signal from on-chain metrics. 

SHIB

SHIB supply on exchanges. Source: Santiment

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

Meme Coins Price Prediction: DOGE, SHIB, and PEPE bulls struggle to regain strength

Meme Coins Price Prediction: DOGE, SHIB, and PEPE bulls struggle to regain strength

Meme coins, including Dogecoin, Shiba Inu, and Pepe remain under extreme selling pressure, recording roughly seven days of downtrend following the January 4 spike. The meme coins risk a bearish shift in momentum as buying pressure subsides, potentially leading to further declines.

Cardano price forecast: ADA tests key support at $0.38 with mixed outlook

Cardano price forecast: ADA tests key support at $0.38 with mixed outlook

Cardano price is nearing key support at $0.38 after being rejected by the 50-day EMA during the previous week. Market metrics show mixed signals: whale accumulation and rising long bets suggest underlying interest, whereas negative funding rates and declining social dominance indicate cautious sentiment.

Top Crypto Gainers: Story, MYX Finance, and Dash rebound near key resistance

Top Crypto Gainers: Story, MYX Finance, and Dash rebound near key resistance

Story (IP) is leading the market with double-digit gains over the last 24 hours, while MYX Finance (MYX) and Dash (DASH) rise roughly 6%. The rebound in top performers, IP, MYX, and DASH, approaches key resistance levels, aiming to extend gains.

Strategy buys $1.25 billion worth of Bitcoin, but sell-side pressure remains dominant

Strategy buys $1.25 billion worth of Bitcoin, but sell-side pressure remains dominant

Bitcoin treasury and financial intelligence company Strategy stepped up its accumulation of the top crypto last week after it purchased 13,627 BTC for $1.25 billion, its largest buy since last July. The move has pushed the company's stash to 687,410 BTC acquired for $51.8 billion at an average price of $75,353.

Orange Juice Newsletter – Smart insights by real people. Every day.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Early-2026 rally falters as BTC investors await key catalyst

Bitcoin: Early-2026 rally falters as BTC investors await key catalyst

Bitcoin (BTC) is trading lower toward $90,000 on Friday after encountering rejection at a key resistance zone. The price pullback in BTC is supported by fading institutional demand, as spot Exchange Traded Funds (ETFs) have recorded net outflows so far this week.