Shiba Inu Community Burn Sees Another 350 Million Meme Coins Incinerated
August 26 2023 - 6:55AM
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The world of digital currency has brought some challenges to the
Shiba Inu (SHIB) ecosystem. The ups and downs in this digital money
landscape have caused the value of many coins connected to SHIB to
drop, making things a bit shaky. But here’s something good: the
SHIB token burn is happening faster than before. This means they’re
getting rid of more tokens, which is a positive thing. It’s like a
bright spot in the midst of all these changes, showing that there’s
something strong and good still happening in the SHIB world. Based
on the data provided by the Shibburn explorer, it is evident that
the SHIB community has been effectively engaging in the process of
burning substantial quantities of these meme coins, thereby
transferring them to wallets that are rendered unspendable. Related
Reading: Tron Reverses August Slump As TRX Open Interest Climbs
Shiba Inu: Optimism Amid Market Volatility Even though the SHIB
token has had some failures and its price has gone down, its burn
rate has gone up by about 80% in the last 24 hours, according to
Shibburn. Today, the SHIB army has successfully facilitated the
removal of around 350 million Shiba Inu meme coins, which were
previously rendered inaccessible and excluded from circulation.
Source: Shibburn Last week, over 1.84 billion SHIB tokens were
burned in approximately 255 transitions, according to Shibburn.
This reduced the weekly SHIB consumption rate by 38.76%. It took 19
transfers for the community to successfully remove 349,012,147 SHIB
during the course of the last 24 hours. Burns frequently involved
two or three SHIB pieces and occurred virtually hourly. Increasing
Scarcity And Value Burning tokens, or reducing the supply of a
cryptocurrency, is a common practice in the blockchain and crypto
communities. As the number of coins in circulation increases,
both their demand and value tend to decrease. This activity is
considered a deliberate method to increasing scarcity, which may
lead to an increase in the value of the remaining tokens. This
strategy is especially significant for Shiba Inu because of their
abundant starting supply. SHIB market cap currently at $4.8
billion. Chart: TradingView.com Meanwhile, as the Shibarium
relaunch draws near, Lucie, a Shiba Inu team representative, has
revealed some exciting news. Related Reading: PEPE Token Tumbles
20% Amid Suspicious Activity – Details Lucie updates her followers
on the status of Shibarium in a new tweet, letting them know that
Shiba Inu Layer 2 is now operational and functioning well in
private mode. 🚀 Exciting news from Shibarium (L2) update! 🎉 It’s
officially live and running smoothly in private mode. The team just
needs to make it public, and rest assured, all funds are safe! 🔒
Some people have already received their bridged $BONE
#ShibariumUpdate #Shibarium pic.twitter.com/yk5L1ELMch — 𝐋𝐔𝐂𝐈𝐄 |
Summer of Shibarium (@LucieSHIB) August 24, 2023 The enormous flood
of users forced Shibarium to suspend soon after its launch on
August 16. The group got to work right away scaling its operations
and starting network deep testing. SHIB price action today. Source:
Coingecko At the time of writing, SHIB was trading at $0.00000818,
down 1.4% in the last 24 hours and sustaining a 3.8% loss in the
last seven days, data from crypto market tracker Coingecko shows.
(This site’s content should not be construed as investment advice.
Investing involves risk. When you invest, your capital is subject
to risk). Featured image from Gothamist
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