Shiba Inu (SHIB) Burn Rate Explodes Almost 600% – Details

TL;DR

Shiba Inu’s burn rate increased by 579% in the last 24 hours, with almost 10 million tokens destroyed. Other crypto projects also use burning mechanisms to manage their token supply, with recent burns coinciding with significant price increases. The Last Spike

The Shiba Inu burn rate has increased by 579% in the last 24 hours, resulting in the destruction of nearly 10 million assets. The chips burned on a weekly basis equals 57.6 million.

The combustion mechanism is a strategic approach to managing SHIB supply and creating potential value 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 who are curious to know 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, the Shiba Inu price is down slightly on a daily basis, but well in the green on a weekly basis. It is currently trading at approximately $0.00002401 (a 9% increase compared to the figure seen last Monday).

SHIB Price, Source: CoinGecko Shiba Inu isn’t the only one on fire

Shiba Inu is not the only crypto project to adopt a recording mechanism, with Binance Coin (BNB) and Floki Inu (FLOKI) being some obvious examples.

The team behind BNB performs quarterly burns, a process that involves buying back and permanently destroying a portion of the market asset, 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 and resulted in the burning of 1,944,452.51 tokens.

For its part, the Floki DAO (the decentralized autonomous organization that governs the Floki Inu meme currency) recently decided to destroy more than 15 billion assets. The vote passed with an overwhelming majority of 99.84%.

The initiative coincided with a substantial green wave for the price of the meme coin. FLOKI is up 15% weekly and 37% monthly. The asset’s market capitalization is inching toward $2 billion, making it the fifth largest in its realm and the 59th largest cryptocurrency.

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