JAKARTA Shiba Inu (SHIB) meme coins are reported to have been burned (burn). SHIB burning is not half-hearted to increase by 26,500 percent in 24 hours. A total of 3 billion SHIBs were sent to the dead wallet, for example from circulation.
For information, this is a burning mechanism aimed at reducing supply and increasing the value of the token. It is also intended to offset the decline in token value due to the lack of SHIB burning.
This spike in combustion reflects how deflation of cryptocurrencies is, and is an important factor in influencing investor sentiment. Seeing the increasing trend of SHIB burning, several large players have the potential to enter the meme coin market.
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Most of the burning of the SHIB token was carried out by several unidentified addresses. One wallet is responsible for more than 95 percent of the total burning of SHIB tokens. Before this significant spike in arson occurred, the Shiba Inu community had burned about 1.7 billion tokens in 20 separate transactions.
A sharp decline in SHIB's burning rate by 70 percent last week raised concerns among investors. Some suspect that this may be related to the recent increase in transaction fees or Ethereum gas fees (ETH). This increase in costs makes the burning process more expensive, so SHIB token holders are reluctant to burn their tokens.
However, the SHIB burning mechanism is different from other digital currencies. SHIB developers are committed to increasing the total number of tokens sent to dead wallets. This aims to reduce the overall volume of SHIB token supplies.
According to Coingape, currently the total supply of SHIB reaches more than 589 trillion, while the supply in circulation is below 575 trillion.
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