1.4 Billion Shiba Inu (SHIB) Tokens Burned in October

The Shiba Inu (SHIB) community is actively researching a potential new burning mechanism that might be capable of eliminating trillions of tokens annually

1.4 Billion Shiba Inu (shib) Tokens Burned In October_65b96e5f9a719.webp

Shiba Inu (SHIB), a prominent meme coin, introduced its burning mechanism at the beginning of 2022 to actively reduce the circulating supply of tokens. Token burning holds significant importance in the cryptocurrency world, as it directly impacts the scarcity and value of a digital asset.

Since its initiation, SHIB’s burning mechanism functioned persistently, aiming to decrease the circulating token supply. Over time, the project evolved, exhibiting fluctuating rates of token elimination. Up until October 2023, the burning process showcased notable variations, especially in the last month, wherein 1.46 billion tokens were burnt across 753 transactions, as reported by Shibburn, a tracking tool dedicated to SHIB’s burn statistics.

🔥🔥🔥 1,461,135,923 $SHIB tokens have been burned in the month of October with 753 transactions. #SHIB pic.twitter.com/fw6g9DQaOy

— Shibburn (@shibburn) November 1, 2023

Despite the considerable volume of tokens eliminated in October, it remains minute compared to SHIB’s vast circulating supply of 589 trillion. Moreover, the burning rate exhibited a significant 37.12% decrease since September 2023. In the previous month, 2.32 billion SHIB tokens were eradicated through 426 separate transactions, indicating a substantial reduction in the burning rate.

The dwindling burning rate in October, despite a price surge, could be attributed to reduced network activity, resulting in lower fees and consequently fewer tokens being burnt. Additionally, the decreased movement of whale investors might have contributed to the decline in burning incidents.

Related: Top 3 Cryptocurrencies Under $1 Worth Watching

Moreover, SHIB’s burning rate has suffered noticeable setbacks in recent months. It rarely achieved three-digit rates, apart from sporadic surges. Previously, instances of burning rates reaching four-digit figures were observed.

The Shiba Inu (SHIB) community is actively researching a potential new burning mechanism that might be capable of eliminating trillions of tokens annually. However, the specifics and operationalization of this new burning mechanism remain unclear. If this new mechanism can eradicate substantial quantities of SHIB tokens annually, it could potentially lead to a sudden reduction in the token supply, consequently impacting the asset’s value significantly.

Conclusion

In summary, the decline in SHIB burning rates signifies a challenge for the project, potentially affecting its value. The community’s pursuit of a new burning mechanism poses hope for revitalizing the burning process, thereby impacting SHIB’s market dynamics.

(100 votes)

5.0/5

(100 votes)

Latest

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

News | Altcoin | Bitcoin | Editor Choice

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

The cryptocurrency market has surpassed $4 trillion in market capitalization for the first time, overtaking Microsoft, driven by supportive U.S. policies and a surge in investments from both individuals and institutions.

Xrp Explodes, Whale Moves Spark Bullish Momentum

News | Altcoin | Editor Choice

XRP Explodes, Whale Moves Spark Bullish Momentum

XRP’s open interest has surged by over 18%, accompanied by a spike in derivatives volume and a golden cross in the MVRV ratio, fueling investor expectations of a major upcoming price breakout.

Xrp Reaches New Peak After 7 Years Of Waiting

Altcoin | Editor Choice

XRP Reaches New Peak After 7 Years of Waiting

This morning, Ripple (XRP) officially reached a new peak at $3.60, becoming the third-largest cryptocurrency in the market.

Donald Trump Plans To Allow Pension Funds To Invest In Crypto

Policy & Regulations | Editor Choice

Donald Trump Plans to Allow Pension Funds to Invest in Crypto

U.S. President Donald Trump aims for pension funds in the country to allocate capital into assets such as gold, private securities, and especially cryptocurrencies.

Wintermute Reports No More Eth Available For Sale Via Otc

Altcoin | Editor Choice

Wintermute Reports No More ETH Available for Sale via OTC

Wintermute has reported that the amount of ETH sold through OTC has run out, indicating impressive buying activity from institutions targeting Ethereum.