Shiba Inu (SHIB) Burn Rate Explodes by Almost 600%: Details

TL;DR

• 
  Shiba
  Inu’s
  burn
  rate
  increased
  by
  579%
  in
  the
  past
  24
  hours,
  with
  nearly
  10
  million
  tokens
  destroyed.
• Other
  crypto
  projects
  also
  use
  burning
  mechanisms
  to
  manage
  their
  token
  supply,
  with
  recent
  burns
  concurring
  with
  significant
  price
  increases.

The
Latest
Spike

Shiba
Inu’s
burn
rate
has increased by
579%
in
the
past
24
hours, resulting
in almost
10
million
assets being
destroyed. The
burned
tokens
on
a
weekly
scale
equal
57.6
million.

The
burning
mechanism
is
a strategic
approach
to
manage
SHIB’s
supply
and
create
potential
value
appreciation
through
scarcity.
Shiba
Inu
has
a
maximum
supply
of
999,982,363,413,352
tokens,
with
over
40%
already
sent
to
a
null
address.

The
process
is
rather
complicated
and
involves
both
automatic
and
manual
burns.
Those
curious
to
learn
more
about
it
can
read
our
dedicated
guide here.
Not
long
ago,
the
team
behind
Shiba
Inu introduced “a
transformative
token
mechanism”
to
automate
the
entire
system.

ADVERTISEMENT

Meanwhile,
Shiba
Inu’s
price
is
slightly
down
daily
but
well
in
the
green on
a
weekly
scale.
It
currently
trades
at
approximately
$0.00002401
(a
9%
increase
compared
to the
figure
observed last
Monday). 

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
Binance’s
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
coin’s
price.
FLOKI
is
up
15%
on
a
weekly
scale
and
37%
monthly.
The
asset’s
market
capitalization
is
inching
toward
the
$2
billion
mark,
making
in
the
fifth-biggest
in
its
realm
and
the
59th
largest
cryptocurrency.