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Contents
- SHIB burn rate soars by thousands of percent
- Shibarium releases details of its token burn mechanism
- Shiba Inu whales grab 26 trillion SHIB, price rises
Data stably shared by the Shibburn data aggregator shows that within the past 24 hours, the number of burned SHIB surpassed that burned on Sunday by a whopping number of percentage points.
Overall, over the past week, several trillion of these popular meme coins have been transferred to dead-end wallets, according to the same source.
SHIB burn rate soars by thousands of percent
According to the recent tweet by the aforementioned data platform, within the past 24 hours, the SHIB army managed to destroy an entire 8,862% more SHIB than on the previous day. In total, this time, they have removed 50,188,691 meme coins from the circulating supply.
Curiously, this large amount was burned in merely two transfers— 39,511,911 SHIB and 10,676,779 SHIB— according to the burn data website.
Overall, during the past week, thanks to the efforts of the SHIB community, 3,093,934,362 SHIB coins were burned. On Saturday, the SHIB burn rate printed a notable rise by 666%.
In total, 410,642,087,431,967 Shiba Inu meme coins have been burned, according to the Shibburn website. A total of 574,308,140,003,340 SHIB remain circulating out there.
HOURLY SHIB UPDATE$SHIB Price: $0.00000861 (1hr 0.08% ▲ | 24hr -1.41% ▼ )
Market Cap: $5,070,671,510 (-1.45% ▼)
Total Supply: 589,357,912,568,032
TOKENS BURNT
Past 24Hrs: 50,188,691 (8627.82% ▲)
Past 7 Days: 3,093,934,362 (-36.07% ▼)
Shibarium releases details of its token burn mechanism
As reported by U.Today on Sunday, the Shiba Inu team led by the pseudonymous Shytoshi Kusama revealed the mechanism for burning SHIB on the Shibarium Layer 2 network while it remains in beta test mode.
As transactions are made on Shibarium, a transaction fee is paid in BONE. The basic fee gets locked away. Thirty percent of it gets set aside for the team to maintain the network, and 70% gets burned.
According to recently shared screenshots, the fee can be burned once the amount of BONE locked in the contract exceeds 10 BONE. Then, it will be converted into SHIB automatically and sent to an unspendable wallet.
Shiba Inu whales grab 26 trillion SHIB, price rises
Data provided by IntoTheBlock analytics company shows that during the last week, investors have stocked up on 26.2 trillion Shiba Inu meme coins. Some whales also sold plenty of their meme coins but not as much as the purchased amount— around 300 billion SHIB.
At the time of this writing, Shiba Inu is changing hands at $0.000008884. The price of the prominent meme coin is showing a rise of 2.98% during the past hour and about the same over the past 24 hours, according to data provided by CoinMarketCap.
FAQs
In conclusion, Shiba Inu Burn is a deflationary mechanism that aims to reduce the circulating supply of SHIB tokens. The burn process involves sending a certain amount of SHIB tokens to a designated burn address, which is a wallet that is inaccessible and cannot be used for any transactions.
How much Shiba Inu coin is still in supply after burn? ›
This brings the total number of SHIB tokens burned over the last week to 368,456,226. Token burning is a process where a portion of tokens are permanently removed from circulation, reducing the total supply. This deflationary mechanism is used to increase scarcity and potentially drive up the token's value.
What is the SHIB burn rate for Shiba Inu? ›
Shiba Inu Burn Rate Spike to 2,834% as Over 232M SHIB Are Destroyed. The transaction represents the largest burn recorded over the past 24 hours. This single transaction pushed Shiba Inu's daily burn to around 232,222,042 (232.22M) SHIB.
What happens when Shiba Inu is burned? ›
When SHIB tokens are burned, they are sent to a wallet address where they become inaccessible. These burned tokens are effectively taken out of circulation, reducing the total supply of SHIB tokens.
What is the benefit of burning SHIB? ›
It reduces the supply of SHIB. it will also lead to higher value per token if demand increases. Attracting long-term holders: Burn mechanisms can maintain the token's value and manage inflation. This will lead to confidence in the investors and captivate new holders.
How can I help burn a Shiba Inu coin? ›
This is done by sending the tokens to a burn address, which is a wallet address that no one owns or can access. Once tokens are sent to a burn address, they are effectively lost forever.
How much SHIB will be burned in 2024? ›
9.9 Billion Token Out Of Circulation
In January 2024, the Shiba Inu cryptocurrency ecosystem witnessed the burning of approximately 9.9 billion SHIB tokens, a move aimed at reducing the token's circulating supply and potentially increasing its value.
How many SHIB tokens are left? ›
The current circulating supply of Shiba Inu is 589.26T. This is the total amount of SHIB that is available.
Will Shiba burn trillions? ›
Can Shiba Inu burn trillions of coins? In 2022, a Shiba Inu community member, who goes by the pseudonym 'Queenie,' projected that the Shibarium burn portal could incinerate a whopping 111 trillion SHIB tokens annually.
Can Shiba Inu burn enough coins? ›
Can enough tokens be burned in 2024 to send Shiba Inu to $1? The community will have to burn 99.99998% of all tokens to send Shiba Inu to $1 based on its current market cap. In other words, almost all the 589.3 trillion tokens must disappear from circulation, leaving just 6.3 billion remaining.
As of March 2024, there are around 1.3m SHIB holders, and the Top 10 SHIB holders own over 59% of the token's total circulating supply.
Will Shiba Inu coin reach $1? ›
In other words, it would be worth 196 times more than Microsoft, the most valuable company in the world. It would be 21 times more valuable than the entire U.S. economy, which generated $27.9 trillion in gross domestic product last year. Simply put, there is no way Shiba Inu can rise to $1 in its current state.
What is the Shibarium burn protocol? ›
The Shibarium burn mechanism is a strategic feature designed to reduce the supply of SHIB tokens. This process is integral to Shibarium, which operates as a Layer 2 solution atop the Ethereum blockchain. It essentially aims to improve transaction speeds and reduce costs for Shiba Inu token users.
How many Shiba Inu coins are left? ›
The current circulating supply of SHIBA INU is 589 trillion.
What is the burn proposal for Shiba Inu? ›
The Shiba Inu burn mechanism involves sending SHIB tokens to a “dead wallet,” a cryptocurrency wallet with inaccessible private keys, removing them from the market forever. This deflationary measure decreases the total supply of SHIB, making the remaining tokens more scarce and potentially driving up their price.
How much will shibarium burn? ›
The predicted burn rate for shibarium is as follows: Shibarium might expand #SHIB 's token burn rate to 5 trillion tokens every month, which at the current circulating supply of 579.1 trillion tokens, would take almost five years to burn through half of the asset's supply, according to a well-known Shiba analyst.
Gamza Khanzadaev