Shiba Inu has emerged as one of the most popular meme coins. Although it lags behind DOGE in terms of market value, SHIB stands out in terms of development.
Burning ability, one of the Shiba Inu’s most important features, was introduced earlier this year. SHIB incineration is an initiative to reduce circulating SHIB. Various cryptocurrencies, not just Shiba Inu, employ this tactic to reduce the number of tokens in circulation.
Burning is the process of sending a token to a dead-unused wallet. A dead wallet is a wallet that does not belong to any person. The burning process ensures that the supply is limited and helps improve the price of the coin.
How Does Shiba Inu Burn Coins?
There are several initiatives to help burn the SHIB. Examples of these are the Shiba Inu burn portal, Shibburn, Amazon burn and individual community portals.
The Shibaswap burn portal was also created to increase the burn rate. The platform rewards users who regularly participate in the burning of Shiba Inu, thereby incentivizing users for the burning process. With the platform, 63,862,855,657.29 SHIBs were sent to dead wallets.
Another platform called Shibburn helps burn SHIB. Since none of these platforms has a fixed burning rate and schedule, the burning rate changes from day to day. Last week, the burn rate went over 1000%. However, as of today, the burn rate is -29%.
The Shibburn platform helped transfer 410,381,134,04839 Shiba Inu (SHIB) to dead wallets. The Shibburn platform is also working on a new burning initiative with Shibburn Radio.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.