Shiba Inu (SHIB) is a decentralized cryptocurrency whose mascot is the Shiba Inu, a Japanese dog breed with a fox-like appearance and agile nature. The cryptocurrency was created as part of the Dogecoin Killer Initiative, another dog-based cryptocurrency that quickly gained popularity with support from business moguls like Elon Musk. Launched in 2020, the cryptocurrency has become a popular meme coin and features a growing ecosystem of tokens and platforms.
- Shiba Inu is an Ethereum-based altcoin created by an individual or group named “Rushi”.
- Shiba Inu was launched and branded as a rival coin to Dogecoin.
- This token exists in a decentralized ecosystem along with several other tokens such as LEASH and BONE. There is also a layer 2 blockchain called . Shibarium Enable faster transactions and applications.
- Token has a passionate community. However, investors are skeptical about investing in the token as it has not been implemented in the real world and has limited use cases.
What is token burning?
Simply put, token burning is the process of permanently removing a portion of a token from the entire circulating supply. This is done by sending tokens to an invalid wallet that no one can access. So the token is burned during the process and can never be retrieved. Token burning is done with the motive of creating scarcity. This phenomenon can increase market capitalization over time.
Shiba Inu started with an initial total supply of 1,000 trillion coins. The large supply of SHIB has been a major factor holding investors back from investing in its potential. Therefore, burning SHIB tokens is a calculated strategy to control supply and increase demand. Shiba Inu The community continues to participate in token-writing initiatives and participates in write-in events on a regular basis.
How do Shiba Inu coins burn?
- SHIB tokens are sent to inaccessible addresses.
- There will be transaction fees and specific events for burning tokens, and members who burn their tokens will be rewarded with LEASH and BONE tokens.
- Trades made on Shibswap’s decentralized exchange may contribute to these burning activities.
Benefits of burning SHIB Inu tokens
- Controlled feeding: By removing supply from circulation, the coin removes the supply pressure that most investors fear. Also, controlling the supply of the coin over time should increase its market capitalization.
- Reduced availability: As the token continues to burn and the community triggers new write events, scarcity will occur and investment interest will increase.
- Strong community: The community participates in burn events because they see this as a unique way to contribute to the Shiba Inu economy.
Shiba Inu Tokenomics
SHIB is trading at $0.00001223, reflecting a 24-hour trading volume of $151.42 million. According to the latest market sentiment, BTC is in a bearish trend (79%) in the crypto space. SHIB’s Fear and Greed Index stands at 70, indicating that investors are bearish, with the token trading in the green zone for 17 out of 30 days (57%). The overall market index values for SHIB in this article were documented at the time of writing. Therefore, please feel free to check the latest price values as many may have changed at the time you are reading this article.
The tokenomics of BTC token is as follows
- Current price – $0.00001211
- Market capitalization – $7.14 billion
- 24-hour trading volume – $190.74 million
- Diluted market capitalization – $7.14 billion
- Total supply – 589.5T
- Circulating supply – 589.24T
Shiba Inu burn rate
Burning refers to permanently removing a token from the total supply by sending it to an invalid wallet address that no one can access. The main objective is to increase the demand for coins by reducing the supply. Shiba Inu (SHIB)’s burn rate increased significantly in the last 24 hours with 82,051 $SHIB burned. The number of burn injuries this month was 54, 19,816,943. The token was burned. An average of 6.75 burns occurred per day, an increase of 125.78% compared to last month.
An average of 2,477,178 tokens are burned per day, which is an increase of 332.73% compared to last month. To date, 410,499,089,127,982 SHIB tokens have been burned, which is 41.05% of SHIB’s total supply and is worth USD 5 billion based on current market value. 41.05% of total supply of SHIB
conclusion
The Shiba Inu has come a long way from being created as just an inside joke to becoming the #1 ERC20 meme in the world. This community still maintains its dreams and ambitions with a focus on achieving increased demand and reduced supply. The Shiba Inu burn rate is a way to demonstrate a project’s commitment to addressing challenges and ensuring value for owners. However, this is not financial advice. As with any investment, it is extremely important to do your research and have a clear understanding of the risks and opportunities involved.
FAQ
Token burn tends to increase investor sentiment by demonstrating scarcity and commitment to value, which can increase market stability.
SHIB has already burned 400 trillion tokens. The current burn rate is slow. However, it is reasonable for such a short period of time.
Due to the burn mechanism, we can say that the dead wallet containing all Shiba Inu burn tokens (400 trillion tokens) is the largest holder of Shiba Inu.
Some analysts predict that the Shiba Inu could surge 3,000% and overtake the Doge by 2026.
It is theoretically possible, but it is still a long dream, since there is still a considerable distance from the current market price and the statistics are not in our favor.
