As Kriptokoin.com, the team behind one of the popular meme coins, Shiba Inu (SHIB) (SHIB), has launched a burn mechanism that allows holders to burn their tokens while earning passive income. The Shiba Inu burn portal is a function that allows users to send SHIB tokens to a burn address. This aims to reduce the circulating supply while allowing users to earn passive income. Since then, billions of Shiba Inu have been taken out of circulation.
Massive Shiba Inu burning continues
In fact, over 1.4 billion tokens were burned in over 160 transactions a week ago. Burning events by the Shiba Inu community still remain in the limelight. The community burned nearly half a billion tokens, removing them from circulation. To give precise figures, the community deposited a total of 405,282,493 meme tokens from the circulating supply into dead wallets. Thus, its circulating supply was further reduced. As can be seen in the graph below, there has been an almost 100 percent increase in the burn rate. With the potential for long-term price growth, the Shiba Inu community wants to reduce the supply of SHIB tokens a little more, making them scarce.
Since the launch of the recently launched SHIB burning portal, 25 billion SHIB tokens have been burned, worth approximately $496,500. This burn is truly the user’s choice and does not represent their commitment to making SHIB a sustainable and valuable currency. Different dominant buyers carried the highest token for the same reason. With 112.462.000 SHIB, the biggest transfer took place hours ago from 0x28a121e4732d7cc5972b16e48590103b2574f806.
SHIB needs important triggers
Additionally, Whalestats revealed that whales are actively accumulating tokens. This has led to the increased use of the Shiba Inu smart contract, making it one of the most used smart contracts among the largest Ethereum wallets. The most recent purchase was registered on May 7. Also, as we mentioned earlier, more than 1.4 billion tokens were burned in over 160 transactions a week ago.
The popular meme cryptocurrency SHIB has managed to gain attention outside of the crypto world as well. For example, luxury fashion house Gucci will soon launch SHIB and other cryptocurrencies in select locations in North America will start accepting units. However, such developments do not help much to “stagnate” prices. It is very clear that SHIB still needs important triggers outside of burn events that can help price action.
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