The community of the popular meme coin project Shiba Inu burned more than 12 million tokens. This increased the burn rate to 300%. Meanwhile, the transaction reduced the number of SHIBs in circulation to approximately 581 trillion. The burning took place on January 2, 2024, as the community was waiting for a new NFT project. Rival meme coin FLOKI also saw an increase in single-day token burns.
What does the recent SHIB burn mean for the meme coin?
The community removed 12,435,582 SHIB tokens from circulation through burning. According to Etherscan, the burn sent the tokens to a burn address. This address is one of three addresses the community uses to remove tokens from circulation. The burning process leaves about half of the token’s one quadrillion supply available. The Meme coin project relies on burning to increase investor value and control inflation. Ethereum co-founder Vitalik Buterin burned 90% of the tokens sent to him by developers after launching SHIB. SHIB’s price increased by 40% after Buterin burned approximately 405 trillion tokens.
Shiba Inu leader highlights adoption
Meme coin leader Shytoshi Kusama said in late December that burns “will only be effective” through other efforts to expand the project’s ecosystem. In this context, Kusama made the following statement:
Effective incinerations will only occur through global adoption. We’ve seen adoption trickle down to 2023, but what can be done to ensure continued adoption of Shib around the world? For this, a network of decentralized leaders, early adopters and those fed up with the status quo must usher in a new era of crypto, Blockchain and ‘Web3’.
It is possible that the new SHIB NFT Project will increase adoption!
The community recently announced several upgrades to increase adoption. cryptokoin.comAs you follow from , SHIB has partnered with D3 Global to create the domain name. The project allows owners to have a website and email address ending in “.shib”. It also aims to form the basis of a new decentralized identity.
It’s possible that a new NFT project could also increase adoption for the meme coin. The project will allow users to mint NFTs from physical items. To be included in the SHIB community, a user will submit a two-dimensional drawing of a physical item. The product they send will be produced in three dimensions if it meets certain eligibility criteria. The buyer will scan an embedded electronic device and add the product to the metaverse.
Meme coin Rival FLOKI sees 600% daily burn rate
Like Shiba Inu, FLOKI also experienced a single-day increase in the number of tokens burned. Floki achieved a staggering burn rate of 600. Thus, a total of 218 million FLOKIs were removed from circulation in the last 24 hours.
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