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Token Burn

Shiba Inu Burns Blaze Through 28 Million Tokens

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The Shiba Inu community continues to demonstrate its unwavering commitment to reducing the circulating supply of SHIB tokens. In the past 24 hours, a total of 28,129,380 $SHIB tokens have been burned, bringing the total burned to an impressive 211,858,675,644,797 SHIB. This burn activity was achieved through five separate transactions, each sending a significant amount of SHIB tokens to an inaccessible dead wallet.

Source: Shib Burn

The burning of SHIB tokens is a crucial aspect of the project’s roadmap, as it aims to increase the scarcity of the token and potentially drive up its price. By sending SHIB tokens to a dead wallet, they are effectively removed from circulation, making them unavailable for trading or use. This reduces the overall supply of SHIB tokens, which can lead to increased demand and potentially higher prices.

Shiba Inu Burn Initiatives

The Shiba Inu community has been actively involved in burning SHIB tokens since the project’s inception. Various initiatives, such as the ShibBurn website and the ShibBurn portal, have been created to facilitate the burning process and encourage participation from the community. Additionally, several exchanges have integrated SHIB burning mechanisms into their platforms, making it even easier for users to contribute to the reduction of the circulating supply.

The recent burn activity is a testament to the dedication and enthusiasm of the Shiba Inu community. By working together, SHIB holders are actively shaping the future of the project and contributing to its long-term success. The continued burning of SHIB tokens is a positive step towards achieving the project’s goals and creating a more sustainable and valuable token ecosystem.

As the Shiba Inu project continues to evolve, the burn mechanism will undoubtedly play a pivotal role in maintaining the token’s scarcity and driving its potential for growth. The community’s unwavering support for burning SHIB tokens is a clear indication of their belief in the project’s future and their commitment to its success.

Shiba Inu: Trillions Of SHIB To Be Burned

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An interesting upgrade for the Shiba Inu community has been released by the official Shibarium Network. The Shibarium team reiterated that the Layer 2 solution is only for the SHIB community and that BONE will be its only token before explicitly announcing that each Shibarium transaction will burn SHIB.

The hypothesis of burning billions of SHIB is expected to be heavily influenced by the future Layer 2 Shibarium. SHIBQueenie, a moderator on the SHIB Discord, predicts that dApps on Shibarium could cause the local ecosystem to burn trillions more SHIB after burning 111 trillion in months.

As the Shibarium beta launch draws near, the Shibarium team also stated that it was now concentrating on delivery. For the debut of the Shibarium beta, anticipation is growing. A Shibarium section has been added to the SHIB wiki on the official website, according to SHIB BPP, a Twitter account dedicated to the Shiba Inu community.

Given these anticipations, BONE, the Shibarium blockchain’s gas, is still one of the top trending topics on Twitter as of the time of writing. Shiba Inu’s governance token, BONE, has been added to the whitelist of DEX aggregator OpenOcean. BONE is currently up 4.19% at $1.09 and up 28% over the past seven days.

Shiba Inu Pulls Up Its Socks

Initiatives to prevent Shiba Inu burns have been among the ecosystem’s most significant ones. At first, there was a desire to lessen the number of Shiba Inus roaming around. This was done in the hope that it would eventually create scarcity and increase in value.

In terms of burning, 2022 has been a mixed year for SHIB. There were days when the burn rates spiked above 4000% and days when they sharply declined.

Shiba Inu was one of the coins that CoinMarketCap’s users added the most to their watch lists in the year 2022. The SHIB token is currently being accumulated by whales or significant holders. According to WhaleStats, “BlueWhale0159,” an ETH whale, just purchased 186,939,748,000 SHIB for a total cost of $1,596,465.

The greatest 100 and 2,000 ETH whales monitored by WhaleStats rate SHIB as one of the assets they have purchased the most of. Additionally, it rated as the most used smart contract for the top 2,000 ETH whales and the most traded asset for the top 1,000 ETH whales.

The Shiba Inu burn rate did, however, reach a higher level for the first three days of 2023.