Crypto
SHIB Price Surge: Token Burns Constrain Supply Amid Exchange Listings
Shiba Inu (SHIB) is experiencing a surge in price after recent token burns reduced its available supply. The asset has gained 8.22% on the day, trading at $0.0000047 and positioning itself above key short- and medium-term moving averages.
The scarcity of SHIB has increased due to over 110 billion tokens being withdrawn from exchanges, while ongoing token burns on Shibarium further constrain circulating supply.
Additionally, crypto exchange UEX.US has listed SHIB and introduced a 4.5% APY savings reward for holders, providing incentives for holding the asset.