In the past day, the Shiba Inu Community has made a significant move to decrease the number of SHIB tokens in circulation. This was accomplished by burning a massive amount of 814,901,863 (814.90M) SHIB in seven different transactions. This reduction in supply is likely to have a significant impact on the value of the token.
A new token called Koyo (KOY) played a significant role in reducing the number of SHIB tokens in circulation. In one substantial transaction, Koyo burned an impressive 794,858,822 (794.85M) SHIB tokens, making it the most substantial burn of the day. This event caused the overall rate of burning SHIB tokens to increase significantly by 2080% in just 24 hours. This sudden and substantial reduction in the supply of SHIB tokens may have a significant impact on the market value of the token.
In addition to the efforts by the Shiba Inu Community to burn SHIB tokens, the token’s developers are also taking action to address the issue of a large circulating supply. Recently disclosed documentation for Shibarium, a network that supports the token, reveals that the developers intend to use 70% of the base fee for each transaction to purchase and burn SHIB. The remaining 30% of the fee will be allocated to support network maintenance and operations. While the Shibaritoward is subject to change as the network develops, it signifies an important step towards reducing the overall circulating supply of SHIB tokens.
Nonetheless, Vitalik Buterin’s remarkable act of burning 410 trillion Shiba Inu tokens has been acknowledged as one of the biggest on-chain transactions in the history of cryptocurrency. The burn was worth a staggering $7 billion and has been recognized by Conor Grogan, who is the Director of Product Strategy and Business Operations at Coinbase. Buterin accomplished this burn in May 2021, which set a historic precedent in the world of cryptocurrency as it was one of the first significant instances of burning coins.
Shiba Inu’s price has not been doing well even though there has been a lot of buying and selling. Currently, as of the time of writing, Shiba Inu is being bought and sold for $0.00001031, which is a decrease of 2.01% from the previous day’s trading. The total amount of buying and selling activity in the past 24 hours was $271,470,792 which is equivalent to $271.11 million.
Related reading: Shiba Inu (SHIB) Continues to Consolidate Despite Increased Burn Ra