There are two ways for Shiba Inu’s value to increase. One is that traders simply bid up the price.
The other is for the supply to decrease, which should make the remaining coins more valuable.
For this to happen, the coins have to be taken out of circulation, or burned, as traders usually call it, by being transferred to dead wallets.
It’s not unusual for this to happen. In fact, according to Shibburn, a website that tracks the burning of Shiba Inu coins, 410 trillion Shiba Inu coins have already been burnt.
Nearly all of those coins were taken out of circulation by Vitalik Buterin, the co-founder of Ethereum (CRYPTO: ETH),
And was gifted nearly half of the 1 quadrillion Shiba Inu coin supply by the anonymous Shiba Inu founder.
Buterin did so because he felt uncomfortable controlling so much of the supply of the cryptocurrency.