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

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. 

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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 supply on exchanges. Source: Santiment