Clarifying the Burning of SHIB (Shiba Inu) Cryptođ€Żđ„đ
The claim that 1% of SHIB (Shiba Inu) cryptocurrency is burnt daily is not accurate. Currently, there are approximately 500 trillion SHIB coins in circulation, with 500 trillion initially distributed, half of which were given to the founder of Ethereum. Of this allocation, 90% was burnt, leaving 10% distributed. While this initial burn occurred, the remaining number of coins still exceeds a manageable quantity to achieve a value of 0.01 per coin.
Furthermore, the developers do not possess the remaining coins to execute significant burns. Though they did burn a few million coins, this action has minimal impact considering the vast number of coins in circulation. It's essential to note that burning coins requires ownership, which the developers lack. Therefore, burning 1% daily is impractical without first acquiring the coins.
The potential for decreasing the total number of coins lies in earning coins through activities like leading or staking and subsequently burning them. However, reaching a lower total coin count, such as 0.01, will take time and concerted effort from the community.
While reducing the total coin count to 50 trillion or lower is desirable, it presents challenges. Suggestions to burn coins, whether through staking profits or transaction implementations, may offer avenues to achieve this goal. However, it's crucial to consider the implications and feasibility of such actions.
In conclusion, achieving a lower total coin count for SHIB requires careful consideration and community involvement. While burning coins may contribute to this objective, it's essential to weigh the potential impact and explore alternative strategies to attain desired outcomes.
