Overview of Shiba Inu (SHIB) Token Burn Activities in November

In recent months, the Shiba Inu (SHIB) meme coin has faced some significant challenges, with its value dropping sharply. However, various factors, including a strong token burning initiative, offer hope for revitalization.

The SHIB community put effort into burning millions of tokens last month, particularly on November 26, when burn transactions peaked significantly.

Burning Statistics

According to ShibaBurnTracker data, there were a total of 248 burn transactions in November, averaging 8.27 per day. Approximately 163 million SHIB tokens were permanently removed from circulation, with over 60 million tokens burned on the record day of November 26.

SHIB Burns in November Source: ShibaBurnTracker

Despite these substantial burn figures, their impact on the USD valuation remains minimal, indicating that more substantial efforts may be required to positively influence the price of the meme coin.

Since the introduction of the burning program in 2022, a staggering 410.75 trillion tokens have been destroyed, leaving 585.26 trillion still circulating.

SHIB Supply Source: Shibburn.com

Exchange Activity

Another indicator to monitor is the asset’s exchange netflow. Recently, the amount of SHIB held on centralized exchanges dropped to around 81.2 trillion tokens, a record low since spring 2021. This trend is seen as a positive sign, as it suggests a shift towards self-custody, potentially lifting immediate selling pressure.

SHIB Exchange Netflow Source: CryptoQuant

Future Price Outlook

Despite recent setbacks, some analysts remain optimistic about SHIB’s future. An X user named $SHIB KNIGHT pointed out that SHIB shows resilience in the market, branding it as among “the strongest tokens” available.

As of now, SHIB is trading around $0.000008032, reflecting a 90% decrease from its all-time high seen in late 2021. Although the cryptocurrency market is unpredictable, a significant surge in the near future seems unlikely.

Conclusion

The participation of the SHIB community in the burning initiative continues to be a focal point in its strategy to regain value, yet further measures might be necessitated to achieve a meaningful price recovery.