It has a unique combustion mechanism. SHIBis on the rise with a daily growth rate of over 20%.
Cryptocurrency tracker To Watcher.Guru According to the report, approximately 900 million SHIB tokens were burned today. With 1% of the circulating supply burned daily, the price of the asset is responding to this with growth and a 27% increase, adding to the extremely positive market sentiment.
SHIB’s burning mechanism is different from that implemented in Ethereum or any other currency. Each trading pair or pool must buy and burn a certain amount of SHIB and LEASH tokens to be listed on ShibaSwap.
Burn refers to the act of sending a token to an unusable account and removing it from circulation, reducing supply and increasing the coin’s finiteness.
Despite the relatively low burn rates of Memetoken compared to its market cap, a significant amount of SHIB has already 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. The Ethereum creator burned 90% of his own supply and donated 10% to a foundation in India fighting the pandemic. The Ethereum co-founder did this by sending 410 trillion SHIB tokens worth $6.74 billion from his wallet to the burn address during the transaction.
At the time of writing, SHIB is trading at $0.00004077 with a daily growth rate of 27 percent. Additionally, the meme-based token hit an all-time high of $0.00004442 today after the listing news this month.
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.