Burn Details: Where The Tokens Are Coming From
Shytoshi Kusama, the lead developer of Shiba Inu, has hinted at a forthcoming Shib burn that will remove approximately $1.2 million worth of SHIB from circulation. This announcement comes after calls from the Shiba Inu community for more token burns to increase the value of SHIB through scarcity.
Kusama’s hint came in response to a request from @randomartz3 on social media, who suggested burning both BONE and SHIB using gas fees from previous Shibarium burns. However, Kusama disagreed and stated that only SHIB should be burned.
Shibarium, the platform where SHIB burns take place, has seen an increase in burns in recent weeks. The network now accounts for 50% of its utilization for daily SHIB burns. These burns use BONE as gas fees, which have accumulated to 1,367,845.42 BONE tokens worth around $1.2 million. These gas fees will be converted to SHIB and sent to a dead wallet as part of the burn process.
Over $1.2 Million Worth Of Shiba Inu To Be Burned
While a specific timeline for the SHIB burn has not been provided, investors are eagerly anticipating the removal of over 100 billion SHIB tokens from circulation through a $1.2 million burn. As the burn is delayed, more BONE tokens accumulate for future SHIB burns on Shibarium.
In the past 24 hours alone, over 150 million SHIB tokens have been burned according to data from Shibburn.com, marking a 575.28% increase in SHIB burns. However, Shiba Inu’s creator Ryoshi has faced criticism for refusing to burn 103 trillion SHIB tokens that they possess.
Shibarium recently underwent a hard fork to support multiple burn tokens, including BONE. Some community members have suggested using the accumulated BONE tokens for burning BONE itself. However, this proposal is seen as illogical since BONE has a low circulating supply and is used as gas fees on Shibarium. Burning BONE could artificially inflate its price and lead to higher gas fees on the platform.
At the time of writing, SHIB is trading at $0.00001016, showing a 19.56% increase in a 7-day period.
Hot Take: Shiba Inu Continues Token Burn Strategy to Increase Value
Shiba Inu’s lead developer, Shytoshi Kusama, has teased an upcoming token burn that will remove approximately $1.2 million worth of SHIB from circulation. This move comes in response to demands from the community for more token burns to increase the value of SHIB through scarcity. While the specific timeline for the burn has not been announced, investors eagerly await the removal of over 100 billion SHIB tokens from circulation. The burns on Shibarium have also increased significantly, with over 150 million SHIB tokens burned in the past 24 hours alone. However, criticism remains regarding Shiba Inu’s creator’s refusal to burn a large number of SHIB tokens in their possession. Nevertheless, these token burns and the introduction of multiple burn tokens on Shibarium are expected to further enhance the value and utility of Shiba Inu’s ecosystem.
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