The Shiba Inu network has seen a significant increase in burn rates, with over 301,686,518 SHIB tokens burned in the last 24 hours. This activity represents a 4,677% increase compared to previous daily burn rates. The burns occurred across eight major transactions, according to Shibburn data, indicating an increased community commitment to reducing the total supply of the token to support its long-term value.
Details and effects of the event:
What is a burn? Burning refers to the process of removing coins from circulation by sending them to a non-refundable address, reducing the total supply and increasing the scarcity of the coin, which can increase its value in the long run.
Burning Objectives: This initiative seeks to promote sustainability in the Shiba Inu ecosystem, and also promotes the possibility of the coin becoming deflationary thanks to the burning mechanism.
Coin Performance: Despite this activity, the coin did not see much movement in its price, as it ranged between $0.000024 and $0.000027, a slight increase of 3.24% over the last 24 hours.
Burning effect:
This activity reflects the Shiba Inu community’s commitment to reducing the circulating supply, which boosts hopes for an increase in the coin’s market value. The strategy also aligns with future plans for an automatic burning mechanism across the Shibarium network, which will deduct a fee from each transaction to support the burning process.
📍 Sources:
DailyCoin.