The amount of Shiba Inu meme tokens in circulation keeps getting less thanks to the SHIB community. Since last morning, tens of millions of SHIB have been taken out of circulation due to the recent high daily burning of SHIB.
An unidentified whale burned two-thirds of this sum in a single transaction.
101 million SHIB removed, burn rate goes up
According to the Shibburn Explorer’s website, 101,138,080 meme coins worth of SHIB were burnt over the course of the last 24 hours. The burn rate increased as a result to 161% level. On Sunday of this week, the burn rate shot up by a staggering 1,619% thanks to the amazing 330,000,000 meme coins issued to dormant SHIB wallets.
An unidentified whale deposited a stunning chunk of 79,500,000 SHIB to a dead address, causing the greatest burn since yesterday morning.
Certain tokens’ circulating quantity was reduced through the use of burn mechanisms, making the tokens more rare and, ultimately, driving up the price. In addition to SHIB, BabyDoge, Floki, BNB, and ETH often burn tokens. Even Bitcoins kept in wallets whose owners have misplaced their private keys are regarded as having been “burned” since they will never again be in use.
SHIB is currently being traded at $0.000007615, according to information provided by the CoinMarketCap website.
Shytoshi Kusama compares Shiba to Bitcoin
Lead developer Shytoshi Kusama personally banned one of the users for a recent comment in the official Shibarium channel on Telegram that was insulting (the message has since been deleted along with the individual himself). That message, according to Kusama, was the most insulting he had recently read. He emphasised that decentralisation was the main motivation behind the creation of Shiba Inu. The banned user said that “the current developers and not Ryoshi” were responsible for the creation of SHIB.
One might draw the conclusion that the banned user disrespected Ryoshi, the enigmatic SHIB creator who has long since left the project and the community. Everyone appreciates Satoshi Nakamoto, the mysterious person who invented Bitcoin, according to Kusama. They saw BTC change the world, and we are no different, he stated, asserting that SHIB has the same ambition as Bitcoin to change the world and has a great chance of doing so, following in the shoes of the leading cryptocurrency.
