A former US politician said that “token burn” campaigns about the future of the Shiba Inu will be very effective. The Shiba community is applying various methods to reduce the near-limitless supply of SHIBs. David Gokhshtein says the community started a “token burning spree” amid the recent crash.
SHIB burning frenzy has begun
Shiba Inu is a cryptocurrency that stands out for its community. Shiba’s greatest strength is its army on social media, the SHIB Army. In addition, the efforts of the team behind it should not be ignored. From a new metaverse and game project to the DEX platform, ecosystem developments continue unabated. David Gokhshtein, a former US politician, emphasized the importance of token burning campaigns. He said on Twitter today that token burns have reached the “crazy” point.
Community token burning efforts
The Shiba Inu has a thriving community dedicated to the expansion and improvement of the ecosystem as a whole. Many who missed the Dogecoin craze jumped on the Shiba Inu train in August 2020. Meanwhile, there were a total of 1 quadrillion SHIBs in circulation. At first, the total supply of trillions was not a problem. However, it didn’t take long for community members to point out that SHIB’s low price was due to its large aggregate supply. In light of this, the community asked the team to burn some of the supply to raise the price of SHIB. Worried SHIB investors began to dwindle their supply with tokens they sent to a dead wallet to grow their investments. However, Bigger Entertainment has announced that it will burn SHIB using a portion of the proceeds from concert ticket sales.
Later, Bigger Entertainment ended the campaign. He left the SHIB community alone in the burning program. The Shiba Inu development team has finally revealed an official burn portal to make burning easier. More than 60 billion SHIBs have burned since then.
Token burning campaigns supported by other crypto communities
Many crypto communities gave their support to burn after the campaigns were successful. The trend is mainly evident in projects with a significant number of tokens in circulation. For example, the Cardano community urged the project team to burn some of the existing coins. Founder Charles Hoskinson often ignored these calls, claiming they were impractical.
The current token burning frenzy is the biggest wish of the Terra Luna Classic (LUNC) community. Recall that Terra investors suffered serious losses when the UST lost value against the dollar. The only way LUNC supporters can get compensation is to burn some of the token supply. TerraForm Labs (TFL) launched a new token called Terra (LUNC) and abandoned Terra Luna Classic. However, he had other ideas. Despite the community’s demands, the Terra team refused to assist him in restoring LUNC’s value.
Investors at LUNC embarked on a mission to use the burn to reduce the total supply of the cryptocurrency after feeling abandoned. Similar to the Shiba Inu, a “dead token address” was made for this purpose and more than 4 billion tokens were burned through community efforts. To further reduce supply, the community has proposed and implemented a 1.2% tax burn on all LUNC on-chain transactions.
cryptocoin.comAs you follow, more than 9 million LUNCs were burned within hours of the 1.2% tax burning in the LUNC burn campaign, which was approved by all major exchanges including Binance, Kucoin, Kraken, Etoro, Mexc Global and Crypto.Com.
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