In November, the Shiba Inu (SHIB) community witnessed significant activity in token burns, with a total of 248 transactions resulting in approximately 163 million SHIB tokens permanently removed from circulation. The most notable day for these burns was November 26, when over 60 million tokens were sent to a null address, marking a substantial effort to reduce the overall supply of the meme coin.
While these burn figures may appear impressive, their equivalent in USD remains relatively minor. This suggests that a more extensive approach may be necessary to positively influence the price of SHIB in the market. The burn initiative was established in 2022, and since its inception, a staggering 410.75 trillion SHIB tokens have been destroyed, leaving an estimated 585.26 trillion tokens still circulating.
Another crucial aspect that could affect SHIB”s market valuation is the exchange netflow of the asset. Recent data indicates that the number of SHIB tokens held on centralized exchanges has dipped to around 81.2 trillion, a figure that represents the lowest level since spring 2021. This trend of moving coins to self-custody solutions is often viewed as bullish, as it alleviates immediate selling pressure on the token.
Despite the downturn in SHIB”s price over recent months, some analysts express optimism about the token”s potential recovery. One user on X, known as $SHIB KNIGHT, stated, “While others are slowing down, SHIB is showing real strength on every dip and pushing toward key levels.” They urged their followers, exceeding 250,000, to remain attentive to the momentum of the Shiba Army.
As of this report, SHIB is trading at approximately $0.000008032, which reflects a significant decline of 90% from its all-time high observed in late 2021. Although the cryptocurrency market is known for its unpredictability, a recovery of this magnitude within the next four weeks seems unlikely.
In summary, while November”s burn statistics highlight the community”s commitment to reducing supply, the overall market dynamics and exchange behaviors will play a critical role in determining SHIB”s future price movements.
