Shiba Inu witnessed a spike in burn in November. The SHIB community destroyed 666 million SHIB in 149 transactions, pulling these tokens out of circulation permanently. The meme coin is ready to begin its recovery despite the crypto bear market.
The implementation of burn is key to Shiba Inu’s ecosystem as it reduces the number of SHIB tokens in circulation. The reduction in the meme coin’s circulating supply has a direct impact on its price.
Upwards of 410.38 trillion SHIB tokens in total have been permanently removed from Shiba Inu’s circulating supply. Considered Dogecoin’s largest competitor, SHIB has witnessed a dramatic decrease in its circulation. 41% of SHIB tokens have been destroyed, and 562.56 trillion are currently being circulated across exchanges and users’ wallets.
Meanwhile, the crypto bear market has failed to dampen the recovery of the Shiba-Inu-themed cryptocurrency. SHIB price remained largely unchanged over the past two weeks, and analysts have identified technical indicators that point toward a recovery in the meme coin.