Shiba Inu is among the tokens that use a burning mechanism. It has continually burnt millions of SHIBs to balance its demand and supply, sometimes pushing the price slightly. The network removed 490 million SHIBs in one day in this latest burn.
One of the ways of improving token value is by reducing its supply. The crypto industry uses the burning mechanism to execute the process. This mechanism enables tokens with uncapped supply to reduce the circulating amount in the market, thereby preventing over-saturation and price crashes.
490 Million Shiba Inu Tokens Removed From The Market
In the latest report by Shibburn.com, Shib developers removed 489,895,235 permanently from circulation. The SHIB burn tracker disclosed that the burning occurred in 24 hours through eight separate transactions.
Among the eight transactions, a “Shib Inu: Deployer2” wallet burnt the highest number by sending 485,682,280 SHIB to the Shiba Inu burn address in a single transaction.
Notably, the total Shiba Inu burn rate decreased by 71.28% from the previous day’s burn. According to the burn tracker, the previous day’s transactions involved 58 transfers to the burn wallet, destroying 2,204,313,475 SHIB tokens.
Due to the address that burned the massive number of tokens, the community has linked it to the upcoming Shibarium Public Beta. Notably, the address is a SHIB contract deployer.
But while the burn continues, some notable SHIB token purchases confirm the interest in the Shibarium release. Top whales, including “BlueWhale0073” and others, have accumulated almost 215 billion tokens in 10 days. The report disclosed that these Ethereum investors consider SHIB’s price at $0.00001034 the best time to accumulate the tokens.
BlueWhale0073 alone purchased a whopping 215,815,570 539 SHIBs worth $2,209,951 from an unidentified address that paid $33.46 in nominal fees.
Shibarium And The Latest Updates
The Shibarium launch has created an unending buzz in the crypto community. Shiba Inu community anticipates several benefits from the new project. The project aims to become a decentralized hub for SHIB holders to trade the tokens and earn rewards without centralized exchanges.
Moreover, the platform promises fast, low-cost transactions on SHIB and other tokens. It also aims to correct the issues such as high fees and slow transaction speeds that permeate other DEXs, thereby ensuring a seamless trading experience.
Most importantly, the new project should increase the SHIB token value as it will create new use cases. Notably, the demand will spike as its utility increases, potentially boosting the price. The team has announced that the public beta will go live this week, and the community gladly awaits D-Day.
The project is already increasing Shiba Inu adoption as many firms are integrating it for payments. Xeni, a travel booking platform, and BitPay have partnered and will use SHIB and other cryptos as payment. Also, NOWNodes, a blockchain node infrastructure provider, announced its plans to integrate Shibarium.
Featured image from Pixabay and chart from TradingView.com