Shiba Inu Developer Reveals Plans To Burn More SHIB Coins.

Lead developer Shytoshi Kusama said, burn mechanisms will be revealed soon.

So far, a total of 410,302,031,022,757 #SHIB tokens (41.0302%) have been burned from the initial supply of 1 quadrillion.

Cryptocurrency burning is not a new process but a common practice when the numbers of tokens have been reduced to augment their values.

The burning process involves sending the tokens to wallet addresses whose only purpose is to receive the coins.

Removing an asset is done to augment the currency’s purchasing power. Central banks do it to currencies to adjust the amount in circulation.

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.