Shiba Inu Continues To Reduce Token Supply, Removes 490 Million SHIB In One Day
12 March 2023 - 3:00PM
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Shiba Inu is among the tokens that use a burning mechanism. It has
continually burnt millions of SHIBs to balance its demand and
supply, sometimes pushing the price slightly. The network removed
490 million SHIBs in one day in this latest burn. Related Reading:
Bitcoin Timing Tool Says This Might Be The Dip Worth Buying One of
the ways of improving token value is by reducing its supply. The
crypto industry uses the burning mechanism to execute the process.
This mechanism enables tokens with uncapped supply to reduce the
circulating amount in the market, thereby preventing
over-saturation and price crashes. 490 Million Shiba Inu
Tokens Removed From The Market In the latest report by
Shibburn.com, Shib developers removed 489,895,235 permanently from
circulation. The SHIB burn tracker disclosed that the burning
occurred in 24 hours through eight separate transactions.
Among the eight transactions, a “Shib Inu: Deployer2” wallet burnt
the highest number by sending 485,682,280 SHIB to the Shiba Inu
burn address in a single transaction. Notably, the
total Shiba Inu burn rate decreased by 71.28% from the previous
day’s burn. According to the burn tracker, the previous day’s
transactions involved 58 transfers to the burn wallet, destroying
2,204,313,475 SHIB tokens. Due to the address that burned the
massive number of tokens, the community has linked it to the
upcoming Shibarium Public Beta. Notably, the address is a SHIB
contract deployer. But while the burn continues, some notable
SHIB token purchases confirm the interest in the Shibarium release.
Top whales, including “BlueWhale0073” and others, have accumulated
almost 215 billion tokens in 10 days. The report disclosed that
these Ethereum investors consider SHIB’s price at $0.00001034 the
best time to accumulate the tokens. BlueWhale0073 alone purchased a
whopping 215,815,570 539 SHIBs worth $2,209,951 from an
unidentified address that paid $33.46 in nominal fees.
Shibarium And The Latest Updates The Shibarium launch has created
an unending buzz in the crypto community. Shiba Inu community
anticipates several benefits from the new project. The project aims
to become a decentralized hub for SHIB holders to trade the tokens
and earn rewards without centralized exchanges. Moreover, the
platform promises fast, low-cost transactions on SHIB and other
tokens. It also aims to correct the issues such as high fees and
slow transaction speeds that permeate other DEXs, thereby ensuring
a seamless trading experience. Related Reading: PancakeSwap TVL
Drops 12%, Did This Exchange Received A Lethal Blow? Most
importantly, the new project should increase the SHIB token value
as it will create new use cases. Notably, the demand will spike as
its utility increases, potentially boosting the price. The team has
announced that the public beta will go live this week, and the
community gladly awaits D-Day. The project is already
increasing Shiba Inu adoption as many firms are integrating it for
payments. Xeni, a travel booking platform, and BitPay have
partnered and will use SHIB and other cryptos as payment. Also,
NOWNodes, a blockchain node infrastructure provider, announced its
plans to integrate Shibarium. Featured image from Pixabay and
chart from TradingView.com
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