Shiba Inu Burns Millions but Solana Integration Could Drive Price

The price of Shiba Inu (SHIB) stands at $0.00000587 as of Monday evening, reflecting a 0.9% increase from the previous day and a 2.8% rise over the past week. With a market value of $3.46 billion and daily trading volume at $103.2 million, SHIB remains 93.2% below its all-time high of $0.00008616.

One of the key debates surrounding SHIB is whether its steady token burn rate will significantly impact its price. Over the past 30 days, approximately 384 million SHIB tokens have been burned, amounting to about $2,104. This burn rate, however, only represents 0.0000656% of the circulating supply, suggesting a minimal effect on price.

The burn figures vary widely depending on the source. While shibburn.com reports 384 million SHIB burned in the last month, other outlets claim around 20 billion SHIB burned in a single day. This discrepancy arises from different counting methods, with some sources including burns from Shibarium and individual projects, while others focus solely on Ethereum burn addresses.

A more significant development for SHIB is its recent integration with Solana. Since October 4, SHIB has been available on Solana through the Sunrise gateway, introducing the token to a new user base. This move could potentially increase demand and provide a more substantial impact on the token's price than the burn mechanism.