News
Shiba Inu Burn Rate (SHIB) Explodes Nearly 600%: Details
TL;DR
- Shiba Inu’s burn rate increased by 579% in the last 24 hours, with nearly 10 million tokens destroyed.
- Other crypto projects also use burning mechanisms to manage token supply, with recent burns coinciding with significant price increases.
The last peak
The burning rate of Shiba Inu has increased by 579% in the last 24 hours, resulting in the destruction of almost 10 million assets. Tokens burned on a weekly scale amount to 57.6 million.
The combustion mechanism is a strategic approach to manage the supply of SHIB and create potential value appreciation through scarcity. Shiba Inu has a maximum supply of 999,982,363,413,352 tokens, with over 40% already sent to a null address.
The process is quite complicated and involves both automatic and manual burning. Those curious to find out more can read our dedicated guide Here. Not long ago, the team behind Shiba Inu introduced “a transformative token mechanism” to automate the entire system.
Meanwhile, Shiba Inu price is slightly down on a daily basis but well in the green on a weekly scale. It is currently trading at around $0.00002401 (a 9% increase from the figure seen last Monday).
Shiba Inu isn’t the only one burning
Shiba Inu is not the only crypto project to have adopted a burning mechanism, with Binance Coin (BNB) and Floki Inu (FLOKI) being some obvious examples.
The team behind BNB conducts quarterly burns, a process that involves buying back and permanently destroying a portion of the asset from the market, funded by a portion of Binance’s profits. The ultimate goal is to reduce the total supply to 100 million BNB. The last such action occurred at the end of April, burning 1,944,452.51 tokens.
For its part, the Floki DAO (the decentralized autonomous organization that governs the Floki Inu meme coin) recently decided destroy over 15 billion in assets. The vote was approved with an overwhelming majority of 99.84%.
The initiative coincided with a substantial green wave for the price of the meme coin. FLOKI grows by 15% on a weekly scale and by 37% on a monthly basis. The asset’s market capitalization is approaching the $2 billion mark, making it the fifth largest cryptocurrency in its kingdom and the 59th largest cryptocurrency.
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