About 900 million Shiba Inu (SHIBA) tokens were burned today. With a unique combustion mechanism, SHIB is on the rise with 16% daily growth. According to cryptocurrency tracker Watcher.Guru, around 900 million SHIB tokens were burned today. With 1% of the circulating supply being burned daily, the price of the asset is responding to growth and rising 16%, adding to the extremely positive market sentiment.
Shiba Inu burns differently
cryptocoin.com As we have previously reported, SHIB’s burning mechanism is different from that implemented in Ethereum or any other currency or token. To be listed on ShibaSwap, each trading pair or pool must buy and burn some SHIB and LEASH tokens. Despite having relatively low burn rates compared to the market cap of Memetoken, a significant amount of SHIB has been burned thanks to Vitalik Buterin, the leading developer of Ethereum. Previously, when the SHIB token was released, 50% of the token’s total supply was sent to Vitalik. Just to clarify, the amount of SHIB previously burned remains at 500 trillion. The Ethereum creator burned 90% of his own supply and donated 10% to a foundation in India fighting the pandemic.
At the time of writing, SHIB is trading at $0.00003940, up 16% daily. Additionally, the meme-based token hit a new post-listing high. Previously, the highest tracked price for SHIB was reached on May 10, when the token was trading at $0.0005.
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