With a unique combustion mechanism, SHIB is on the rise with a daily growth of 16%
According to cryptocurrency tracker Watcher.Guru, almost 900 million SHIB tokens have been burned today. With 1% of the circulating supply burned daily, the price of the asset reacts with the growth and increases by 16% in addition to an extremely positive market sentiment.
The burning mechanism of SHIB is dissimilar from the ones being implemented in Ethereum or any other currency or token. In order to be listed on ShibaSwap, each pair or trading pool must buy and burn a certain amount of SHIB and LEASH tokens.
Despite having relatively low burn rates compared to the market capitalization of the memetoken, a significant amount of SHIB has already been burned thanks to Ethereum’s leading developer, Vitalik Buterin.
Previously, when the SHIB token was just launched, 50% of the total token supply had been sent to Vitalik. Just to clarify, the amount of previously burned SHIB remains at 500 trillion. The creator of Ethereum burned 90% of its own supply and donated 10% to a foundation in India fighting the pandemic.
At press time, SHIB is trading at $0.00003940 with 16% daily growth. Additionally, the memes-based token hit a new high after listing. Previously, the highest tracked price for SHIB was reached on May 10, when the token was trading for $0.00005.
