đ¶ Shiba Inu Not 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 evedent 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 chunk of Binanceâs profits. The ultimate goal is to reduce the total supply to 100 million BNB. The latest such action occurred at the end of April and resulted in 1,944,452.51 tokens being burned.
For its part, the Floki DAO (the decentralized autonomous organization that governs the meme coin Floki Inu) recently decided to destroy over 15 billion assets. The vote was passed with an overwhelming majority of 99.84%.
The initiative coincided with a substantial green wave for the meme coinâs price. FLOKI is up 15% on a weekly scale and 37% monthly. The assetâs market capitalization is inching toward the $2 billion mark, making in the fifth-biggest in its realm and the 59th largest cryptocurrency.
