Shiba community continues to outdo themselves despite the decline in crypto and other financial assets. In the last 24 hours, Shiba burn rate rose by 132.68% to 29,530,814 Shib, the company disclosed on its official burn page accessed by Investors King.
It means the community burnt 29.531 million SHIB in the last 24 hours.
Started as a meme coin inspired by a Japanese Dog, Kabosu. Shiba Inu coin was launched with an initial total supply of 1 quadrillion tokens and quickly gained global attention after half of the entire tokens were donated to Ethereum co-founder, Vitalik Buterin.
Buterin, in turn, sent 90% to the dead wallet to be removed from circulation and donated Shiba Inu coin worth $1 billion to a Covid-19 charity organsation in India. The donation helped spread the news of the coin across the globe and broaden its global reach.
Since then, a total of 410.303 trillion coins have been burnt so far while 548.674 trillion remained in circulation.
Shiba’s value has jumped by over 20 million percent since it was launched and remained one of the most attractive cryptocurrency coins.
Shiba burn rate is a methodology that creates scarcity by reducing the number of Shiba Inu coins in circulation in order to boost its price per unit.
In Bitcoin, the process is called bitcoin halving. Miners’ reward, Bitcoin they receive after building additional 210,000 blocks, is then halved – the only means by which Bitcoin is supplied into the market. The fewer, the more expensive is a unit Bitcoin. It occurs every four years or after bitcoin miners built 210,000 blocks.
