Shiba Inu, the popular meme coin, experienced a significant surge in its burn rate by 2,800% in the past 24 hours. This resulted in the removal of almost 8 million tokens from circulation, with over 50% of the amount being destroyed in a single transaction. The burning program is part of an effort to reduce the overwhelming supply of SHIB and potentially increase its value through scarcity. The coin has a maximum supply of 999,982,363,413,352 tokens, with more than 41% already sent to a null address. The mechanism for burning involves both automatic and manual processes, and the team recently introduced a new token mechanism to automate the system.
Despite the increased burning efforts and advancements in the layer-2 scaling solution, Shibarium, the price of SHIB remains down. The coin has experienced a 3% decline on a daily scale and a 6% drop over the week, according to data from CoinGecko. This decline coincides with an overall market correction, as Bitcoin fell to $67,500 and Ethereum approached the $3,500 mark. The fluctuation in the burn rate may have been influenced by someone liquidating their position during times of market uncertainty and increased volatility.
The burning program has been a key focus for Shiba Inu as they aim to address the vast supply of the meme coin. By removing tokens from circulation, the program seeks to create scarcity and potentially increase the value of SHIB. Over 50% of the almost 8 million tokens burned in the past 24 hours were destroyed in a single transaction, indicating a significant effort to reduce the supply. The mechanism for burning tokens involves both automatic and manual processes, with the team recently introducing a new token mechanism to automate the system.
The recent surge in the burn rate for Shiba Inu’s tokens reflects the ongoing efforts to reduce the coin’s supply and increase its value through scarcity. The significant increase in burning efforts, resulting in the removal of almost 8 million tokens from circulation, shows a commitment to addressing the overwhelming supply of SHIB. Despite these efforts, the price of SHIB remains down, with a 3% decline on a daily scale and a 6% drop over the week. This decline aligns with a broader market correction, with Bitcoin and Ethereum also experiencing losses.
In conclusion, Shiba Inu’s burn rate has surged by 2,800% in the past 24 hours, resulting in the removal of almost 8 million tokens from circulation. The burning program aims to reduce the vast supply of SHIB and potentially increase its value through scarcity. Despite these efforts, the price of SHIB remains down, reflecting the overall market correction. The fluctuation in the burn rate may have been influenced by market volatility and uncertainty, as evidenced by the recent decline in the price of Bitcoin and Ethereum. Shiba Inu continues to focus on burning tokens as part of its strategy to create value and address the supply of the meme coin.
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