Token

Boost

Shiba Inu

<ul>
 <li>The Shiba Inu community burned 5.5 million tokens in recent transactions to limit supply.</li>
 <li>Vitalik Buterin’s burn of 90% of his SHIB holdings greatly reduced the total supply.</li>
 <li>Market conditions impact the Shiba Inu burn rate and the token’s scarcity and value.</li>
</ul>
<p>Over the past 24 hours, the <a href="https://shibatoken.com/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu</a> (SHIB) community has seen a significant burn of 5,506,009 SHIB tokens. This activity was distributed across six separate transactions, indicating ongoing attempts to limit the circulating supply of SHIB tokens.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">In the past 24 hours, there have been a total of 5,506,009 <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SHIB</a> tokens burned and 6 transactions. Visit <a href="https://t.co/t0eRMnyZel" rel="noopener noreferrer nofollow">https://t.co/t0eRMnyZel</a> to view the overall total of <a href="https://twitter.com/hashtag/SHIB?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SHIB</a> tokens burned, circulating supply, and more. <a href="https://t.co/hSiek8rsKc" rel="noopener noreferrer nofollow">pic.twitter.com/hSiek8rsKc</a></p>— Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1816322754930512147?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 25, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The burn process involves sending tokens to specific addresses, including two dead wallets and the Genesis address, thereby eliminating them from circulation. Token burning is intended to <a href="https://cryptonewsland.com/can-shiba-inu-shib-burn-bring-a-13000-rocket-surge/" target="_blank" rel="noopener noreferrer nofollow">promote scarcity </a>by lowering the number of SHIB tokens. However, its effect on prices is also determined by demand. While burning tokens can increase scarcity, demand is ultimately what gives the token value.&nbsp;</p>
<p>The SHIB community actively supports token burns to increase scarcity and value. Vitalik Buterin, <a href="https://ethereum.org/en/" target="_blank" rel="noopener noreferrer nofollow">Ethereum’</a>s co-founder, contributed enormously to SHIB scarcity by burning a <a href="https://cryptonewsland.com/from-1b-charity-to-6b-burn-k9-finance-honors-vitaliks-legacy-with-a-bold-move/" target="_blank" rel="noopener noreferrer nofollow">substantial amount</a> of his&nbsp; SHIB assets.&nbsp;</p>
<p>The ongoing promotion of token burning via community-driven initiatives to reach price targets demonstrates active participation in SHIB’s financial ecosystem. Initially, SHIB had a total quantity of one quadrillion tokens, of which 50% were sent to Buterin’s wallet. He burned 90% of his assets, greatly reducing SHIB’s overall supply.</p>
<p>Market conditions have a substantial impact on the SHIB burn rate. Bull markets can result in greater burn actions, whereas bear markets might hinder such efforts. Smart contracts and automated processes are critical for regulating token supply, limiting burn, and ensuring consistency in reducing circulating supply.&nbsp;</p>
<p>The latest burn events demonstrate the SHIB community’s attempts to control the token supply and establish scarcity. While these burning can affect SHIB’s price, the overall impact is determined by larger market dynamics. The community’s continuous actions, as well as market conditions, will continue to have a significant impact on SHIB prices.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/btc-value-to-hit-over-100x-as-6m-lost-coins-boost-scarcity-nakamotos-prediction-in-action/" rel="noopener noreferrer nofollow">BTC Value To Hit Over 100X as 6M Lost Coins Boost Scarcity: Nakamoto’s Prediction in Action</a></li>
 <li><a href="https://cryptonewsland.com/shib-price-analysis-can-a-50-supply-reduction-propel-it-to-0-01/" rel="noopener noreferrer nofollow">SHIB Price Analysis: Can a 50% Supply Reduction Propel it to $0.01?</a></li>
 <li><a href="https://cryptonewsland.com/shiba-inus-550m-token-burns-a-catalyst-for-shib-price-surge/" rel="noopener noreferrer nofollow">Shiba Inu’s 550M Token Burns: A Catalyst for SHIB Price Surge?</a></li>
 <li><a href="https://cryptonewsland.com/why-a-shib-surge-might-be-near/" rel="noopener noreferrer nofollow">Shiba Inu’s Post-Burn Slump: Why a Surge Might Be Near</a></li>
 <li><a href="https://cryptonewsland.com/shiba-inu-surge-whales-drive-price-supply-shrinks/" rel="noopener noreferrer nofollow">Shiba Inu Surge: Whales Drive Price, Supply Shrinks</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/shiba-inu-community-burns-over-five-million/" rel="noopener noreferrer nofollow">Shiba Inu Community Burns Over Five Million Tokens in Latest Effort to Reduce Supply and Boost Token Value</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Shiba Inu Community Burns Over Five Million Tokens in Latest Effort to Reduce Supply and Boost Token Value

Crypto News Land

Другие статьи, опубликованные 25 июл. 2024 г.

Bitfarms forced to stop ‘poison pill’ strategy amid Riot takeover attempt

Tether Mints $1B USDT on Tron Without Transaction Fees

Japanese Yen’s Sudden Surge Intensifies Liquidation in Bitcoin and Gold

Analyst Warns Of A POPCAT Correction Following 230% Surge

Bitcoin Price to Push for $70K Amid High Investor Confidence?

Solana Price Prediction: SOL Price Poised For 900% Surge to All-Time Highs

Join our free newsletter for daily crypto updates!