Shiba Inu Developer Reveals Plans To Burn More SHIB Coins; Will It Boost SHIB Price?
Asset burning is one of the routes taken by Central Banks to manage currencies. The Shiba Inu team focuses on projects centered on burning SHIB tokens and lead developer Shytoshi Kusama said other burn mechanisms will be revealed soon.
This information is gleaned from the Twitter account Shibburn, which updates each time someone burns a SHIB. “Stay tuned for more projects being released soon! … and of course, we thought outside the box,” the account tweeted.
In the past 24 hours, there have been a total of 55,338,883 $SHIB tokens burned and 8 transactions. So far, a total of 410,302,093,313,848 #SHIB tokens (41.03021%) have been burned from the initial supply of 1 quadrillion. #shibarmy
— Shibburn (@shibburn) February 7, 2022
313,244,633 $SHIB tokens burned
Another tweet reveals that a total of 17,081,193 $SHIB tokens burned and ten transactions. So far, a total of 410,302,031,022,757 #SHIB tokens (41.0302%) have been burned from the initial supply of 1 quadrillion. It was followed by another 1,882,892, which was sent to the burner.
The tweet revealed that in the past week, a total of 313,244,633 $SHIB tokens burned and 77 transactions.
It has led many to wonder why huge quantities of crypto assets are being torched. Cryptocurrency burning is not a new process but a common practice when the numbers of tokens have been reduced to augment their values.
Shiba Inu jumps 27%
The burning process involves sending the tokens to wallet addresses whose only purpose is to receive the coins. As a result, the wallet is independent of the network, and all accounts can no longer use tokens.
Shiba Inu was trading at $0.000029, as of 10.28 p.m. ET on Sunday, up about 27% in the previous 24-hour period, Coinmarketcap data showed.
Removing an asset is done to augment the currency’s purchasing power. Central banks do it to currencies to adjust the amount in circulation.
It is much akin to corporate stocks buy-back. Cryptocurrency burning is a double-edged sword and can be beneficial or can backfire. Several factors can influence the outcome, including investor and user sentiments and how the new supply and demand dynamics influence prices.
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